Key Evergrande deal to sell stake in unit put on hold – sources

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Reuters

By Clare Jim, Julie Zhu and Samuel Shen HONG KONG/SHANGHAI (Reuters) -China Evergrande Group’s deal to sell a 51% stake in its property services unit has been put on hold, two people with knowledge of the matter said, in a blow to the embattled developer’s hopes of avoiding a potentially disruptive default. Evergrande, teetering on the brink of collapse with more than $300 billion in debt, was in talks to sell the stake in Evergrande Property Services to smaller rival Hopson Development Holdings for around HK$20 billion ($2.6 billion), sources previously told Reuters. However, the deal, which …

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