PAG to acquire 51 percent stake in Evergrande Property Services

Private equity firm PAG has agreed to purchase a 51 percent stake in Evergrande Property Services Group for HK$4.03 billion, approximately $514 million. This transaction represents the largest asset sale conducted by liquidators of the collapsed China Evergrande Group to date.

Under the terms of the agreement, a PAG-controlled vehicle will pay HK$0.8359 per share, reflecting a 29.5 percent discount to the unit’s recent closing price. Upon completion, PAG is required to make an unconditional cash offer at the same price for the remaining shares, valuing the entire company at HK$9.0 billion. The firm intends to keep the unit listed on the Hong Kong stock exchange.

The deal is subject to approval from China’s State Administration for Market Regulation by February 12, 2027. For Evergrande’s creditors, the sale provides additional recovery funds, though the deal value accounts for roughly 1.1 percent of the total HK$360 billion in claims lodged against the developer.