Archive · Business Recorder
PAG to buy 51% stake in Evergrande Property Services for $514 million
Asia-focused investment firm PAG will acquire a 51% stake in Evergrande Property Services Group , a unit of debt-laden developer China Evergrande Group, for HK$4.03 billion ($514 million), the two said in a joint announcement on Friday. The acquisition marks a major step in liquidators’ efforts to sell assets and recover funds for creditors of China Evergrande, which received a combined $46 billion in creditor claims. Reuters reported in early October that PAG was in exclusive talks with the liquidators to buy a stake in the services unit. The sale follows a competitive auction run by the liqu...
ZAZTEK archives the headline, summary and publication date so the story stays findable. The full article remains the publisher's. Read it at Business Recorder →