BUSINESS

Evergrande Liquidators in Talks to Sell Property Management Arm to State-Owned Firm

Published: Apr. 17, 2026 6:11 p.m. GMT+8

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The potential sale highlights ongoing state-led efforts to unwind the sprawling empire of the world’s most indebted developer, which was ordered to liquidate by a Hong Kong court in early 2024 after defaulting on massive liabilities.

Liquidators of China Evergrande Group have entered talks to sell a controlling stake in its property management arm to a state-owned buyer, moving a step closer to disposing of one of the developer’s few remaining premium assets.

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Evergrande liquidators signed exclusive agreement to sell 51% stake in property unit to state-owned Guangdong Provincial Tourism Holdings.
30-day negotiations; HK rules require mandatory offer for >30% stake; market cap HK$14.4B at HK$1.33/share.
2025 revenue 13.7B yuan (+7.2%), net profit 1B yuan (-2.2%); excluded 510M yuan revenue, provisioned 2.2B yuan receivables.

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Who’s Who

China Evergrande Group: Liquidators of China Evergrande Group are in exclusive talks to sell its 51% stake in profitable property arm Evergrande Property Services to state-owned Guangdong Provincial Tourism Holdings. Deal follows 2024 Hong Kong liquidation order after massive defaults; founder Hui Ka Yan pleaded guilty to fraud charges. Unit reported 2025 revenue of 13.7B yuan. (58 words)

Evergrande Property Services Group Ltd.: Evergrande Property Services Group Ltd., China Evergrande's premium asset, is in exclusive talks to sell its 51% controlling stake to state-owned Guangdong Provincial Tourism Holdings Co. Ltd. In 2025, revenue was 13.7B yuan (up 7.2% YoY), net profit 1B yuan (down 2.2%). Shares closed at HK$1.33, market cap HK$14.4B.

Guangdong Provincial Tourism Holdings Co. Ltd.: Guangdong Provincial Tourism Holdings Co. Ltd., a state-owned firm specializing in hotel investment, operations, and scenic spots, is the selected buyer in exclusive talks with China Evergrande Group's liquidators to acquire a controlling 51% stake in Evergrande Property Services. The deal was coordinated by local government departments.

CITIC Capital Holdings Ltd.: CITIC Capital Holdings Ltd.’s private equity arm, Trustar Capital, held earlier talks with China Evergrande’s liquidators about acquiring a controlling stake in Evergrande Property Services Group Ltd.

Trustar Capital: Trustar Capital, the private equity arm of CITIC Capital Holdings Ltd., held earlier talks with China Evergrande’s liquidators about acquiring a controlling stake in its property management arm Evergrande Property Services. (32 words)

Pacific Alliance Group Ltd.: Pacific Alliance Group Ltd., a private equity firm focusing on the Asia-Pacific region, held earlier talks with China Evergrande’s liquidators about acquiring a stake in its property management arm, Evergrande Property Services Group Ltd.

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