SINGAPORE— China Evergrande Group called off skeleton to sell a infancy interest in a property-management section for a homogeneous of $2.6 billion, a vital reversal in a real-estate giant’s attempts to palliate a liquidity crunch.
The cash-strapped developer pronounced Wednesday that it had designed to sell 50.1% of a essential subsidiary, Evergrande Property Services Group Ltd.
6666,
-8.01%,
to a section of opposition developer Hopson Development Holdings Ltd
The agreement was struck on Oct. 1 and was to be finished by Oct. 12. It was consummated by Evergrande, that pronounced in a regulatory filing that it “had reason to believe…that a client had not met a exigency to make a ubiquitous offer for shares in Evergrande Property Services.” The business is listed in Hong Kong, and bonds regulations in a city need a customer of 30% or some-more of a open association to make a takeover offer to all a shareholders.
Hopson, in a apart filing Wednesday, rebutted Evergrande’s chronicle of events. It pronounced it had been prepared to buy a interest though a other parties to a understanding had done unsuitable requests to change a terms. It pronounced that enclosed a direct that Hopson send all a supports directly to Evergrande, rather than initial depositing a remuneration with a skill government unit, as a agreement had stated.
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