Evergrande liquidators agree to sell property-services stake to PAG

Business · First reported 30 Oct, 05:24 · Updated 05:30

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Evergrande’s liquidators agreed to sell a controlling stake in its property management unit to investment firm PAG for about HK$4 billion. PAG plans to keep the subsidiary listed in Hong Kong and says it does not plan major operational changes.

PAG will acquire a majority stake in Evergrande Property Service for HK$4 billion, or about US$514 million; another report gives the price as HK$4.03 billion, or US$513.6 million.
The sale is described as the largest liquidation sale of Evergrande to date. PAG says it plans to keep the subsidiary listed in Hong Kong and make no major changes to its operations.
Evergrande’s liquidation began in 2024. A report this month said less than 1% of the US$46 billion creditors sought had been claimed as of September.

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Key facts

Buyer: PAG
Stake and price: Majority stake; HK$4 billion (US$514 million). SCMP specifies 51.016% for HK$4.03 billion (US$513.6 million).
Liquidation began: 2024
Creditor claims: Less than 1% of the US$46 billion sought had been claimed as of September, according to a report cited by CNA.