Evergrande Property Services Group
Private equity investors including PAG, Warburg Pincus and Trustar Capital are considering renewed offers for Evergrande Property Services Group, as the Hong Kong-listed property management business reopens the process for a potential change of control, according to a port by Bloomberg.
The report cites unnamed people familiar with the matter as saying that firms are among investors weighing bids for the business following the collapse of exclusive negotiations between China Evergrande Group’s liquidators and Guangdong Provincial Tourism Holdings.
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Deliberations remain ongoing and there is no guarantee that any of the firms will ultimately submit an offer, the people said.
Representatives for the liquidators, PAG, Trustar Capital and Warburg Pincus reportedly declined to comment.
Guangdong-based State-owned Tourism Group
Evergrande Property Services said in June that it had begun exploring potential buyers for a controlling interest after negotiations with the Guangdong-based state-owned tourism group failed to produce an agreement.
The renewed interest comes as the liquidation of China Evergrande continues to evolve. The property developer, once one of the most prominent companies in China’s real estate boom, has faced further complications following the life sentence handed to founder Hui Ka Yan last month after he was convicted of fraud involving the inflation of assets and concealment of liabilities.
Hong Kong
Evergrande Property Services reported first-half revenue of CNY6.9 billion and net income of CNY517 million. Its shares have gained about 2% in Hong Kong so far this year, giving the company a market value of approximately $1.6bn.
