Asia-focused private equity firm PAG has agreed to acquire a 51.016 percent stake in Evergrande Property Services Group, the property management arm of China Evergrande Group, for HK$4.03 billion ($514 million), according to Reuters.
The transaction follows a competitive auction conducted by China Evergrande’s liquidators as they seek to recover funds for creditors, who have filed approximately $46 billion in claims against the troubled developer.
Under the agreement, PAG will be required to make an unconditional cash offer for the remaining shares of Evergrande Property Services after gaining control of the company.
PAG plans to maintain the property management company’s listing on the Hong Kong Stock Exchange and does not anticipate significant changes to its operations or workforce. The firm cited the company’s stable recurring
