Evergrande Seeks Stake Sale in Property Unit
China Evergrande Group and its controlling holders signed an exclusivity agreement for a potential sale of their 51.016 percent stake in Evergrande Property Services. Negotiations will run through October 27 with an undisclosed bidder, according to the company.
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EVERGRANDE PROPERTY SERVICES entered an exclusivity agreement for a potential sale of a 51.016% controlling stake held by its parent company in China, setting a late October deadline for negotiations. The move follows years of restructuring after the parent developer defaulted on $300 billion in liabilities. Liquidators have spent a year trying to offload the majority shareholding to recover funds for creditors.
