PAG to Buy Evergrande Property Stake
Investment firm PAG agreed to buy a 51 percent stake in Evergrande Property Services for 514 million dollars. The deal aids liquidators in recovering funds for creditors of China Evergrande Group.
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Asia-focused investment firm PAG will acquire a 51% stake in EVERGRANDE PROPERTY SERVICES for HK$4.03 billion ($514 million) in a deal announced Friday. The transaction marks a major step for liquidators attempting to recover funds for creditors of China Evergrande Group, which faced $46 billion in creditor claims. PAG's acquisition follows a competitive auction and aims to remove uncertainty tied to the parent company's liquidation.
