Hopson Development has plans to purchase a 51 percent stake in the property management division of China Evergrande Group for more than $5.14 billion, reported media outlets.
Currently, Evergrande has unsettled financial markets with its failure to pay its debt dues. The firm has been actively selling its assets to avert a default.
An official statement has not been released; Chinese property developer Evergrande and its property management unit halted trading on Monday pending an announcement about a "major transaction." Hopson also halted trading in its shares “pending the release of announcement(s) in relation to a major transaction of the company under which the Company agreed to acquire the shares of a company listed on the Stock Exchange."
