Plan to Sell Evergrande Unit Falls Through: FT

A proposed deal to sell the property management of indebted Chinese real estate developer Evergrande has collapsed, the Financial Times reported on Thursday.

A plan to sell 50.1% Evergrande Property Services Group to fellow developer Hopson Development Holdings for HK$20 billion ($2.6 billion) had been terminated last week, according to a Hong Kong stock exchange filing late on Wednesday.

The difficulties facing Evergrande, the world’s most indebted property developer with more than $300 billion in liabilities, has prompted global concern over China’s vast real estate sector. The company’s shares have been halted for much of October.

Read the full story: Financial Times

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.