PAG to Buy 51% of Evergrande Property Services for HK$4 Billion
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PAG agreed to acquire 5.5 billion Evergrande Property Services shares from China Evergrande and its wholly owned vehicle, CEG Holdings. Photo: VCG
Private equity firm PAG has agreed to buy a 51% controlling stake in Evergrande Property Services Group Ltd. for HK$4 billion ($510 million) from the liquidators of its parent, China Evergrande Group.
The deal would separate the property management company from the defaulted developer and provide funds for China Evergrande’s offshore creditors seeking to recover assets.
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