Evergrande Shares Halted Amid Report of Unit Stake Sale
China Evergrande Group and its property services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much-needed cash.
No reason was given for the suspensions, a stock exchange filing showed on Monday. Hopson Development Holdings Ltd. plans to acquire a 51% stake in Evergrande Property Services Group Ltd., according to Cailian, citing unidentified people. Cailian amended an earlier report to clarify that the deal would give the unit a valuation of more than HK$40 billion ($5.1 billion). Hopson Development shares were also halted, and its bonds plunged on the news. Source
See, it's coming to you soon. pic.twitter.com/oQaQpPCx2H
— lashun (@lwood541) October 2, 2021
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