Evergrande stock in focus as PAG agrees to HKD4bn unit sale

China Evergrande is moving toward a major asset disposal as its liquidators seek to recover funds for creditors. Law.asia reported on Thursday, November 5, 2026, that private-equity firm PAG had agreed to acquire control of Evergrande Property Services from China Evergrande and affiliated shareholder CEG Holdings.

The agreement covers about 5.52 billion shares, representing roughly 51 percent of Evergrande Property Services. The cash consideration is about HKD4 billion. The liquidators signed the share-purchase agreement as agents for the sellers, after a sale process that began in August 2025.

PAG deal advances liquidation process

After completion, PAG intends to make a mandatory cash offer for the remaining shares at HKD0.8359 per share. The offer values Evergrande Property Services at about HKD9 billion, according to the report, which cites an announcement filed with the Hong Kong Stock Exchange on October 30, 2026.

PAG said it intended to keep Evergrande Property Services listed in Hong Kong and did not plan major changes to its existing operations or management. For Evergrande's creditors, the transaction would represent the largest asset sale undertaken by the liquidators so far.

Conditions still shape the outcome

Completion remains subject to merger-control clearance from China's State Administration for Market Regulation and other conditions. If the conditions are not met by February 12, 2027, or by another agreed deadline, either party may terminate the agreement.

The deal therefore marks progress in the liquidation process but does not yet represent completed cash recovery. Investors will focus on regulatory clearance, completion of the share transfer and the subsequent mandatory offer.

Law.asia reported the agreement and its remaining conditions.