Evergrande liquidators agree to US$514m sale of property management arm
HONG KONG, Oct 30 — Liquidators have agreed to sell the property management arm of struggling Chinese developer Ev...
On October 30, liquidators reached an agreement to sell the property management division of struggling Chinese real estate giant Evergrande to private equity firm PAG. Evergrande, once a prominent symbol of China's property boom, collapsed into default in 2021, leaving creditors with substantial losses. PAG will acquire a majority stake in Evergrande Property Service, valued at HK$4 billion.
This transaction marks the largest liquidation sale of the firm to date. The liquidation process, initiated in 2024, has only seen a fraction of the US$46 billion claimed by creditors as of September. The sale of a collection of about 100 artworks, including works by Picasso, Monet, and Andy Warhol, has generated HK$255 million.
PAG stated it intends to maintain Evergrande's Hong Kong listing and make no substantial operational changes. Evergrande's founder, Xu Jiayin, received a life sentence from Chinese authorities in August.
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