Shares in Evergrande were suspended Monday amid reports that a rival Chinese real estate developer was preparing to buy its property management business.
Cailian News, a Chinese state-run financial news outlet, reported Monday that Hopson Development was planning to assume control of Evergrande's property management arm by buying a stake of about 51% in a deal that could be worth more than 40 billion Hong Kong dollars . Chinese state-run tabloid Global Times also covered the expected deal, referring to various"media reports" the same day.
5 things to know about the Evergrande crisis: A simple breakdownEvergrande has been hunting for buyers for some of its businesses as it battles to survive a cash crunch. The conglomerate is China's most indebted developer, with more than $300 billion in debt. It has likely missed two bond payment deadlines in recent weeks, and its stock has crashed 80% so far this year.
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