Shares of the electric car unit of China’s China Evergrande Group collapsed in Hong Kong, leading to a loss of nearly $80 billion of the property developer’s most valuable listed assets.

China Evergrande’s electric vehicle unit plunged as much as 22% Thursday, after the parent company said the unit would incur a net loss of 4.8 billion yuan ($740 million) in the first half of this year.

The value of the electric vehicle business unit China Evergrande New Energy Vehicle Group Ltd. was about $87 billion at its peak on April 16, which is more than Ford Motor Company and nearly four times that of China Evergrande itself at the same time. Its shares have since crashed 92%, the worst performer in the Bloomberg Global Index and far behind even Chinese educational stocks.

The highest debt in the world

Evergrande’s subsidiaries are bearing the responsibility of concerns surrounding the world’s most indebted developer, who will be forced to sell assets at rock-bottom prices amid mounting pressure from Beijing.

The shares of listed companies, including its 65% stake in Evergrande NEV, are considered the most liquid if Evergrande needs cash quickly. In May, Evergrande raised $1.4 billion by selling shares of the unit at a huge discount.

Evergrande said earlier this month that it was in talks with several independent outside investors to sell stakes in its electric car and real estate services companies, and this week people familiar with the matter said the company is selling a development project in Hong Kong at a loss.

About 66 million shares of China Evergrande NEV stock had traded as of 11:46 a.m. Thursday, which is five times the full-day average for this year.