PE firms revisit potential bids for Evergrande
Private equity investors including PAG, Warburg Pincus and Trustar Capital are considering renewed offers for Evergrande Property Services Group, as the Hong Kong-listed property management business reopens the process for a potential change of control, according to a port by Bloomberg.
Private equity firms are reevaluating potential bids for Evergrande Property Services Group as the property management company opens talks for a possible change of control, according to a Bloomberg report. The firms, which include PAG, Warburg Pincus, and Trustar Capital, are among investors exploring offers following the breakdown of exclusive negotiations between China Evergrande Group’s liquidators and Guangdong Provincial Tourism Holdings.
Although deliberations are ongoing and no guarantees exist of an actual bid, the firms have reportedly declined to provide comment.
Evergrande Property Services initiated discussions with potential buyers in June after talks with the Guangdong-based state-owned tourism group failed to reach an agreement. The renewed interest in the property management business coincides with the ongoing liquidation of China Evergrande, a real estate giant that has encountered additional challenges since the life sentence was handed to its founder, Hui Ka Yan, for fraud involving asset inflation and liability concealment.
Evergrande Property Services reported a first-half revenue of CNY6.9 billion and net income of CNY517 million, with its shares increasing by around 2% in Hong Kong so far this year, resulting in a market value of approximately $1.6 billion.
Written by urgent.news from Private Equity Wire's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
