Rebuffed Buyer Says Evergrande Sale 'Binding': SCMP

Hopson Development Holdings, which had sought to buy half of the embattled developer China Evergrande’s property management unit, considers the agreement “legally binding” despite Evergrande rescinding the sale, the South China Morning Post reported on Friday.

Hopson’s October 1 bid to buy 50.1% of Evergrande Property Services for HK$20 billion ($2.6 billion) failed when Evergrande rescinded the sale on October 12. The Shenzhen-based Evergrande, facing US$300 billion in liabilities, is due to pay US$83.5 million of coupon payments for an offshore bond, which was missed on September 23.

“Having sought legal advice, the company considers the agreement legally binding and the acquisition is not subject to the fulfilment of any conditions precedent,” the SCMP said, quoting Hopson’s Thursday stock exchange filing.

Read the full story: South China Morning Post

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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.