Private equity firm PAG has agreed to acquire a 51 percent stake in Evergrande Property Services Group for 4.03 billion Hong Kong dollars, about 514 million US dollars, in the largest asset sale to date by the liquidators of collapsed developer China Evergrande. A PAG controlled vehicle, Everest Holdings I, will pay 0.8359 Hong Kong dollars per share for the controlling stake held by Evergrande and its CEG Holdings unit, a discount of about 29.5 percent to the unit’s closing price on Wednesday. The price values the whole company at about 9.0 billion Hong Kong dollars.
On completion, PAG must make an unconditional cash offer at the same price for the remaining shares, and it says it will not raise the offer price. PAG intends to keep Evergrande Property Services listed in Hong Kong. The buyer will also pay a further 500 million renminbi at completion towards the selling holding company’s taxes, transaction fees and other liabilities.
The sale follows a process run by liquidators Edward Middleton and Tiffany Wong of Alvarez and Marsal, who were appointed in January 2024 and contacted more than 160 potential investors. Completion requires approval from China’s State Administration for Market Regulation by February 12, 2027.
Evergrande Property Services manages about 603 million square metres of floor area and reported first half 2026 revenue of 6.943 billion renminbi, up 4.5 percent, with net profit up 9.5 percent. The proceeds are a recovery source for Evergrande’s offshore creditors, whose claims vastly exceed what the liquidation has recovered so far.