PAG in exclusive talks to buy majority stake in Evergrande property unit
Asia-focused investment firm PAG is in exclusive talks to acquire a majority stake in Evergrande Property Services, a unit of debt-laden developer China Evergrande Group. Sources say PAG is the selected bidder, with an exclusivity period ending on October 27.
Asia-focused investment firm PAG is in exclusive talks to acquire a majority stake in the property services unit of debt-laden developer China Evergrande Group, according to two people close to the transaction.
Evergrande Property Services (6666) said on 30 September that China Evergrande Group and CEG Holdings (BVI), its controlling shareholders, had entered an exclusivity agreement with a selected bidder for a potential sale of their shares in the company, without disclosing the name. Sources have now identified the bidder as PAG.
Liquidators of Evergrande informed the indebted property developer a year ago that they were seeking to sell a 51.016 per cent stake in Evergrande Property Services. Financial terms of PAG's potential offer are not immediately clear.
Evergrande Group and Evergrande Property Services did not immediately respond to a Reuters request for comment. PAG declined to comment. Bloomberg first reported PAG's exclusivity on Friday morning.
The exclusivity period would end on 27 October, Evergrande Property Services said in September.