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    Home » Evergrande Deal to Sell 51% Stake in Property Services Unit Suspended
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    Evergrande Deal to Sell 51% Stake in Property Services Unit Suspended

    October 19, 20211 Min Read
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    China Evergrande Group’s deal to sell a 51% stake in its property services unit has been halted, a new struggle to the debt-ridden developer’s hopes of avoiding disruptive default.

    • Evergrande, swinging on the brink of potential collapse with over $300 billion in debt, was in discussion to sell a stake in Evergrande Property Services to rival firm Hopson Development Holdings for nearly $2.6 billion.
    • The potential sale has been put on hold as the company is yet to get the approval of the Guangdong provincial government that is overseeing Evergrande’s debt restructuring.
    • Evergrande is racing to raise funds to pay its numerous lenders and suppliers amid increased worries about a potential offshore default later in the week after the company missed several interest payments due on its bonds.

    The liquidity crisis at Evergrande has hampered global markets. High-yield bonds issued by Chinese property developers have suffered significant blows.

    EGRNF up +6.44%

    Source: Reuters

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