PAG to buy 51% stake in Evergrande Property Services for $514 million

PAG has agreed to acquire control of Evergrande Property Services with a HK$4.03 billion purchase of a 51% holding, Business Recorder reported on Friday. The transaction, worth about $514 million, follows an auction conducted by the liquidators of China Evergrande, who are seeking funds for creditors with a combined $46 billion in claims.

After gaining control, PAG must offer to buy the remaining 5.3 billion shares at HK$0.8359 apiece, a price 29% below the unit’s Wednesday close. Evergrande Property shares had been suspended on Thursday and fell 13.5% when trading resumed on Friday, leaving the company with a market value of roughly HK$11.08 billion. Completion requires Chinese antitrust approval and other conditions, which may be waived or must be met by February 12, 2027.