Evergrande Property Services (6666) said it will sell a 51 percent stake to alternative investment firm PAG for HK$4 billion.
The company said in a filing on Friday that it was informed by the liquidators of its parent China Evergrande that a purchase agreement was reached between the parties.
PAG has agreed to buy 5.52 billion shares in the property services firm for between HK$0.8359 and HK$0.7271 apiece.
The investment firm also offered to buy the rest of the shares in Evergrande Property Services for HK$0.8359, which represents a 29.2 percent discount to the closing price on Wednesday, its last trading day.
The shares plunged 10 percent after trading resumed on Friday.
Upon completion, the offeror will become the new controlling shareholder, and will provide institutional backing to the company and is also expected to enhance market confidence in the group, it said, adding that it will remain listed following the deal.
