Hopson to buy 51% of Evergrande management unit – report
Hong Kong real estate developer Hopson Development Holdings Limited is set to buy 51% of China Evergrande Property Sevices, the management unit of China Evergrande Group, according to local reports.
The reports also indicate that the deal could be for $5.1 billion (40 billion Hong Kong dollars) and that this could be the reason for the earlier halt in trading on the Hong Kong exchange.
Evergrande has been in more trouble recently after reportedly missing the second major deadline for its bond payments, as it tried to recover some of its losses from selling its stakes in the Shengjing Bank.
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