BUSINESS

PAG, State Firm Eye Evergrande’s Property Management Business

Published: Feb. 2, 2026 6:06 p.m. GMT+8

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Evergrande Property Services had a market capitalization of about HK$12.54 billion on Monday, down roughly 94% from its peak of HK$206.5 billion. Photo: VCG

Private equity firm PAG and state-owned Guangdong Provincial Tourism Holdings Co. Ltd. have contacted the liquidators of China Evergrande Group over a potential acquisition of its property services unit, Caixin has learned.

The sale of the controlling stake in Evergrande Property Services Group Ltd. represents a critical milestone in the liquidation of the heavily indebted developer as administrators seek to recover value for offshore creditors with claims totaling $45 billion as of July 2025.

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PAG and Guangdong Provincial Tourism are considering acquiring Evergrande Property Services, a unit of the heavily indebted China Evergrande Group, to recover value for $45 billion offshore creditor claims.
Evergrande Property Services’ market value has fallen 94% from its peak to HK$12.54 billion, with 2025 H1 revenue at 6.65 billion yuan and net profit down 1.8% to 491 million yuan.
A takeover could trigger a mandatory general offer under Hong Kong rules; liquidators are overseeing the sale after Evergrande’s court-ordered winding up.

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Who’s Who

PAG: PAG (霸菱亚洲投资) is an Asia-Pacific focused investment firm. It has contacted the liquidators of China Evergrande Group regarding a potential acquisition of its property services unit. PAG previously invested in Dalian Wanda Group Co. Ltd.'s mall unit, showcasing its involvement with major Chinese entities. Representatives for PAG declined to comment on this potential acquisition.

Guangdong Provincial Tourism Holdings Co. Ltd.: Guangdong Provincial Tourism Holdings Co. Ltd. is a state-owned enterprise in Guangdong, China. It is controlled by the Guangdong provincial government and operates in hotels, travel, and scenic spots, with over 20 subsidiaries including the White Swan Hotel. They have reportedly contacted China Evergrande Group's liquidators regarding a potential acquisition of its property services unit.

China Evergrande Group: China Evergrande Group has been ordered to wind up by a Hong Kong court in January 2024. Its liquidators are seeking to recover $45 billion for offshore creditors. They are currently negotiating the sale of its property services unit, Evergrande Property Services Group Ltd., to firms like PAG and Guangdong Provincial Tourism Holdings Co. Ltd.

Evergrande Property Services Group Ltd.: Evergrande Property Services Group Ltd. is the property services unit of the heavily indebted China Evergrande Group. Currently, its parent company holds a 51.02% stake. The company's market capitalization is approximately HK$12.54 billion, a 94% decline from its peak. It reported revenues of 6.65 billion yuan in the first half of 2025, with a net profit of 491 million yuan.

Dalian Wanda Group Co. Ltd.: Dalian Wanda Group Co. Ltd. is a major Chinese conglomerate. Its mall unit has previously received investment from PAG, an investment firm focused on the Asia-Pacific region. Specific details about Dalian Wanda Group Co. Ltd.'s operations or current status are not provided beyond this investment connection.

Hopson Development Holdings Ltd.: Hopson Development Holdings Ltd. previously attempted to acquire a 50.1% stake in Evergrande Property Services Group Ltd. in October 2021 for around HK$20 billion. However, this deal ultimately fell through.

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What Happened When

October 2021：: A previous attempt was made to sell a 50.1% stake in Evergrande Property Services to Hopson Development Holdings Ltd. for approximately HK$20 billion, but the deal collapsed.

March 2022：: It was revealed that approximately 13.4 billion yuan in bank deposits of Evergrande Property Services had been pledged as security for third-party financing guarantees and subsequently seized by banks.

January 2024：: China Evergrande was ordered to wind up by a Hong Kong court. Liquidators began managing the asset from this point.

End of 2024：: Baseline date for comparative figures regarding Evergrande Property Services' trade receivables used in the June 2025 report.

As of June 2025：: Evergrande Property Services reported trade receivables of 5.88 billion yuan, a 5.75% increase from the end of 2024.

First half of 2025：: Evergrande Property Services posted revenue of 6.65 billion yuan, up 6.9% year-on-year, though net profit dipped 1.8% to 491 million yuan.

July 2025：: Offshore creditor claims against Evergrande totaled $45 billion as of this date.

January 13, 2026：: Evergrande Property Services filed an announcement stating that liquidators had invited selected bidders to conduct further due diligence, requesting updated offers by the end of January 2026.

End of January 2026：: Deadline for updated offer proposals from bidders for Evergrande Property Services.

Monday, February 2, 2026：: Evergrande Property Services closed at HK$1.16 per share, giving the company a market capitalization of approximately HK$12.54 billion—a 94% decline from its peak value.

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