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Evergrande liquidators sell controlling stake in property services unit for US$513 million

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Summary

Liquidators of China Evergrande Group have agreed to sell a controlling stake in its property management arm to investment firm PAG for HK$4.03 billion (US$513.6 million), as they seek to recover assets for creditors owed US$46 billion. The sale of a 51.016 per cent stake in Evergrande Property Services could give the profitable business a new controlling shareholder after its parent used billions of yuan of its bank deposits as collateral for loans, leaving the company struggling to recover the...

Description from South China Morning Post.

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  1. South China Morning Post Leans right Factuality: High HK
    Evergrande liquidators sell controlling stake in property services unit for US$513 million

    Liquidators of China Evergrande Group have agreed to sell a controlling stake in its property management arm to investment firm PAG for HK$4.03 billion (US$513.6 million), as they seek to recover assets for creditors owed US$46 billion. The sale of a 51.016 per cent stake in...