A Hong Kong-based private equity firm has agreed to pay $513mn for control of a China Evergrande subsidiary, in a win for creditors seeking to recoup losses from the world’s most indebted property developer.
PAG, led by Chinese financier Weijian Shan, has made an offer to acquire a 51 per cent stake in Evergrande Property Services from liquidators of the parent company, according to a stock exchange filing published on Friday.