Evergrande’s $2.6 billion unit stake sale fails as Chinese officials seek to calm nerves

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Reuters

By Clare Jim and Andrew Galbraith HONG KONG/SHANGHAI (Reuters) -China Evergrande Group has dropped plans to sell a 50.1% stake in its property services unit, which would have raised $2.6 billion, dealing another blow to the cash-strapped developer’s efforts to raise cash to pay its creditors. Once China’s top-selling developer and now reeling under more than $300 billion in liabilities, Evergrande was in talks to sell the stake in Evergrande Property Services to smaller rival Hopson Development Holdings. In a stock exchange filing late on Wednesday, Evergrande said that the company had reason …

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