Asia-focused investment firm PAG is in exclusive negotiations to acquire a majority stake in Evergrande Property Services, the property management unit of China Evergrande Group, according to Reuters. The potential transaction involves a 51.016 percent stake that liquidators of the troubled Chinese developer have been seeking to sell. Evergrande Property Services announced Sept. 30 that its controlling shareholders had entered an exclusivity agreement with an unidentified bidder, with the agreement set to expire Oct. 27. Financial terms of the potential acquisition have not been disclosed. The proposed sale comes as Evergrande’s liquidators continue efforts to recover funds for creditors following the developer’s collapse and liquidation proceedings. PAG declined to comment on the negotiations, according to Reuters.
