Evergrandes Deal To Sell 51% Stake In Property Unit Paused – Reports


Evergrande's Deal to Sell 51% Stake in Property Unit Paused - Reports

BEIJING (UrduPoint News / Sputnik – 19th October, 2021) The Evergrande Group’s deal to sell a 51% stake in the Chinese real estate giant’s property services to Hopson Development Holdings has been halted, Chinese media said Tuesday.

The group found itself on the brink of default in summer after years of debt-fueled building spree.

It accumulated $304 billion in loans as of June.

The sale was likely put on hold due to a lack of consensus among the group’s stakeholders, the state-run financial news outlet Cailian Press said. Hopson Development planned to buy the control stake for $5.1 billion.

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