The HK$4 billion transaction transfers a majority stake of the property management arm to PAG, which plans to retain the unit's Hong Kong listing without major operational disruptions. Liquidators initiated proceedings in 2024 to address US$46 billion sought by creditors, but they had recovered under one percent of that target as of September. Previous asset sales included offloading roughly 100 high-value artworks by artists such as Picasso and Monet for HK$255 million. The ongoing unwinding follows severe fallout from the real estate giant's failure, including a life prison sentence handed to founder Xu Jiayin in August.
Key points
The agreement with PAG marks China Evergrande's largest liquidation sale to date since it…: The agreement with PAG marks China Evergrande's largest liquidation sale to date since its collapse.
Evergrande Property Services will maintain its public listing in Hong Kong without underg…: Evergrande Property Services will maintain its public listing in Hong Kong without undergoing significant operational adjustments.
The company's massive debt default in 2021 previously led Chinese authorities to sentence…: The company's massive debt default in 2021 previously led Chinese authorities to sentence founder Xu Jiayin to life imprisonment.
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Asia Pacific-focused investment firm PAG will buy a majority stake in Evergrande Property Service for HK$4 billion (US$514 million). The deal would be the largest liquidation sale of the firm to date.
HONG KONG: Liquidators have agreed to sell the property management arm of struggling Chinese developer Evergrande to private equity firm PAG, according to a stock exchange filing on Friday (Oct 30).
Evergrande Group was once the face of the country's real estate sector, surfing a decades-long property boom as it peddled home-ownership dreams before spectacularly defaulting on its colossal debts in 2021.
Asia Pacific-focused investment firm PAG will buy a majority stake in Evergrande Property Service for HK$4 billion (US$514 million), according to Friday's filing. The deal would be the largest liquidation sale of the firm to date.
The liquidation of Evergrande began in 2024 and the team appointed by a court to carry it out said in a report this month that less than one per cent of the US$46 billion creditors sought had been claimed as of September.
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