Evergrande Liquidators Receive Initial Offers for Property Services Arm
The liquidators of China Evergrande Group have received initial offers for the developer's majority stake in its property management arm, with potential bidders set to submit final offers by November. The property services arm, Evergrande Property Services, has seen a significant surge in its share price following the announcement.
EvergrandeProperty ManagementReal Estate CrisisLiquidatorsChinaReal Estate MumbaiSep 12, 2025
Evergrande's liquidators control a 51.016% holding in Evergrande Property Services Group, according to the filing by the unit on Thursday. Evergrande Services had a market value of about HK$9.95 billion ($1.28 billion) before the announcement, LSEG data showed.
The filing said the liquidators have signed confidentiality agreements with multiple parties and received non-binding offers from some of them. Shares of Evergrande Services surged as much as 40% on Friday, before trimming gains to 25% by mid-morning. The shares were suspended from trading on Thursday pending an announcement under Hong Kong's Takeovers and Mergers Code.
Citing people familiar with the matter, Bloomberg News reported that subsidiaries of state-owned China Overseas Holdings and China Resources Holdings are among the bidders who have indicated interest in Evergrande Services. China Overseas Property Holdings told Reuters it has not bid for Evergrande Services. China Overseas Holdings and China Resources Holdings did not respond to requests for comment.
Evergrande Services, like its parent, has been hit hard by China's prolonged real estate crisis, which has persisted despite repeated efforts by Beijing to shore up demand. Its shares have plunged more than 95% since peaking in 2021.
Under a 'liquidator's auction', it appears nothing firm will occur until at least November, said David Blennerhassett, an analyst at Smartkarma. 'It will also be interesting to see if the investor - if a single bidder - seeks to maintain EPS's (Evergrande Services') listing, or aims for compulsory acquisition.'
Evergrande, once China's top-selling developer, is the world's most indebted property company. Its liquidators are seeking buyers for its stakes in Evergrande Services and electric vehicle maker Evergrande New Energy Vehicle Group, its two most valuable assets. ($1 = 7.7892 Hong Kong dollars).
Frequently Asked Questions
What is the current market value of Evergrande Property Services?
Evergrande Property Services had a market value of about HK$9.95 billion ($1.28 billion) before the announcement, according to LSEG data.
Who are the potential bidders for Evergrande Property Services?
Subsidiaries of state-owned China Overseas Holdings and China Resources Holdings are among the bidders who have indicated interest in Evergrande Property Services.
How has the real estate crisis in China affected Evergrande Property Services?
Evergrande Property Services, like its parent company, has been significantly impacted by China's prolonged real estate crisis, leading to a more than 95% drop in its share price since 2021.
What is the role of the liquidators in the auction process?
The liquidators are responsible for managing the auction process, which includes signing confidentiality agreements with multiple parties, receiving non-binding offers, and inviting potential bidders to submit final offers by November.
What are the two most valuable assets of Evergrande being considered for sale by the liquidators?
The two most valuable assets of Evergrande being considered for sale by the liquidators are its stakes in Evergrande Property Services and the electric vehicle maker Evergrande New Energy Vehicle Group.
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