China Evergrande calls off deal to sell stake in property unit falls
t was terminated by Evergrande, which said in a regulatory filing that it “had reason to believe…that the purchaser had not met the prerequisite to make a...
The cash-strapped developer said Wednesday that it had planned to sell 50.1% of the profitable subsidiary, Evergrande Property Services Group Ltd. 6666, -8.01%, to a unit of rival developer Hopson Development Holdings LtdThe agreement was struck on Oct. 1 and was to be completed by Oct. 12. It was terminated by Evergrande, which said in a regulatory filing that it “had reason to believe…that the purchaser had not met the prerequisite to make a general offer for shares in Evergrande Property Services.” The business is listed in Hong Kong, and securities regulations in the city require a buyer of 30% or more of a public company to make a takeover offer to all its shareholders.
Hopson, in a separate filing Wednesday, rebutted Evergrande’s version of events. It said it had been ready to buy the stake but the other parties to the deal had made unacceptable requests to change the terms. It said that included a demand that Hopson send all the funds directly to Evergrande, rather than first depositing the payment with the property management unit, as the agreement had stated.Read more: MarketWatch »
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Calls off deal? Nobody wants to buy any part of that train wreck especially on such uncertain financial times.
China Evergrande says $2.6 bln stake sale of property services unit falls throughChina Evergrande Group said on Wednesday a deal to sell a 50.1% stake in its property services unit has fallen through, delivering a blow to embattled developer's hopes of avoiding a potentially disruptive default.
China Evergrande Calls Off Plans to Sell Key Unit for $2.6 BillionChina Evergrande Group called off plans to sell a majority stake in its property-management unit for the equivalent of $2.6 billion, a major setback in the real-estate giant’s attempts to ease its liquidity crunch The reasons why Chinese eat bats and everything.. Do I have to do anything? Um I would. Its funner that way even though it might sound or look funny, lol 2.6?
China Evergrande shares briefly plunge more than 10%, after $2.6 billion asset sale falls throughChina Evergrande shares briefly fell more than 10% Thursday after a deal fell through to sell part of its services unit to Hopson Development Holdings. I can’t even believe they are still listed tbh Is Evergrande too big to fail?
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