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Evergrande agrees to sell stake in real estate services unit to be suspended

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Evergrande agrees to sell stake in real estate services unit to be suspended

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Reuters report, citing sources with knowledge of the matter.

A few weeks ago, Evergrande entered into a deal to sell a 51% stake in its real estate services unit to Hopson Development Holdings as part of a restructuring plan to avoid a possible default by the company.

But now the deal is reported to have been suspended because it has yet to receive the blessings of the Guangdong provincial government, which oversees the restructuring of Evergrande, according to the sources.

There is no immediately clear reason why the deal won’t be approved, but some offshore creditors are reportedly opposed to the deal.

I don’t think this has any abrupt ramifications for the market just yet, but pay attention to all of this before the October 23 deadline for the first span of Evergrande’s grace period after they missed bail for the month. last.

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Evergrande agrees to sell stake in real estate services unit to be suspended

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