Evergrande’s liquidation began in 2024, with court-appointed liquidators reporting this month that less than 1% of the US$46 billion sought by creditors had been recovered as of September. (AFP pic)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 Friday.
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.
