PAG acquires controlling stake in Evergrande Property Services for US$513 million
Liquidators of China Evergrande Group sold a controlling stake in its property services unit to investment firm PAG on Friday.
Sale agreement details
PAG will purchase 51.016 percent of the shares from entities currently in liquidation. The transaction value is HK$4.03 billion, which converts to approximately US$513 million. This deal follows a competitive auction process run by the liquidators.
Future share requirements
The new owner must make an unconditional offer for the remaining 29 percent of shares. That outstanding portion represents about 5.3 billion shares held by the parent companies. The current offer price is HK$0.8359 per share, reflecting a discount to recent market levels.
Creditor recovery context
Proceeds from this sale support efforts to recover funds for creditors owed US$46 billion. The parent developer previously used billions of yuan in deposits as collateral for loans. This move aims to remove uncertainty linked to the ongoing liquidation proceedings.
All 2 outlets report consistently
No differences in figures, names or dates across these reports.
- South China Morning Post
- Business Recorder
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2 independent outlets. Headlines as published. Links open the original report.