PAG in exclusive talks to acquire stake in Evergrande unit

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. The exclusivity agreement, which would end on October 27, has not been disclosed by name. Evergrande, once China's premier developer, has defaulted on most of its US$300 billion in liabilities, and liquidators are in the process of selling a 51.02 per cent stake in Evergrande Property Services.

If a deal materialises, it would mark a significant step in liquidators' efforts to recover creditors' claims totaling US$45 billion.

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