Chinese real estate developer Evergrande said a potential sale of its property services unit had collapsed, deepening the pressure on the group that has just days to avoid an official default on its debt.
A deal to sell 50.1 per cent of Evergrande Property Services Group to fellow developer Hopson Development Holdings for HK$20bn ($2.6bn) had been terminated last week, the group said in filings late on Wednesday.
Evergrande, the world’s most indebted property developer with more than $300bn in liabilities, has been engulfed in a liquidity crisis that has prompted global concern over the deteriorating health of China’s vast real estate sector.
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