Asia-focused investment firm PAG is in exclusive talks to acquire a majority stake in the property services unit of debt-laden developer China Evergrande Group, said two people close to the transaction.
Evergrande Property Services (6666) said on September 30 that China Evergrande Group and CEG Holdings (BVI), its controlling shareholders, have entered an exclusivity agreement with a selected bidder for a potential sale of their shares in the company, without disclosing the name.
Liquidators of Evergrande informed the indebted property developer a year ago that they were seeking to sell a 51.016 percent stake in Evergrande Property Services.
Financial terms of PAG's potential offer are not immediately clear.
Evergrande Group and Evergrande Property Services did not immediately respond to a Reuters request for comment.
PAG declined to comment.
Bloomberg first reported PAG's exclusivity on Friday morning.
The exclusivity period would end on October 27, Evergrande Property Services said in September.
Reuters
