Evergrande liquidators sell controlling stake in property services unit for US$513 million
Sale comes as Evergrande Property Services struggles to recover deposits pledged by its failed parent, which owes creditors US$46 billion
Liquidators of China Evergrande Group have agreed to sell a controlling stake in its property management arm to investment firm PAG for HK$4.03 billion (US$513.6 million), as they seek to recover assets for creditors owed US$46 billion.
The sale of a 51.016 per cent stake in Evergrande Property Services could give the profitable business a new controlling shareholder after its parent used billions of yuan of its bank deposits as collateral for loans, leaving the company struggling to recover the money.
PAG, a Hong Kong-based investment firm, would acquire about 5.52 billion shares from China Evergrande and CEG Holdings, both in liquidation, according to a joint announcement on Friday.
