PAG is in exclusive talks to acquire a 51.016% controlling stake in Evergrande Property Services Group from the liquidators of China Evergrande Group, Bloomberg and Reuters reported on 9 October 2026, citing people familiar with the matter. The Hong Kong-listed company had already disclosed exclusive negotiations with an unnamed bidder.
Deal terms and financing
In a 30 September filing, the company said the potential sellers, China Evergrande Group and CEG Holdings, had agreed exclusive negotiations with a selected bidder until 27 October and were negotiating a formal sale and purchase agreement. No price has been disclosed. PAG declined to comment, according to Reuters.
Regulatory approvals and timing
Because a change of control could trigger a general offer, the company is making monthly progress updates under Rule 3.7 of Hong Kong's Takeovers Code. It warned there is no assurance that a transaction will materialise.
Market context
A Hong Kong court ordered Evergrande wound up in January 2024 after the developer defaulted in 2021 with more than US$300bn of liabilities. An earlier exclusivity period with a different bidder lapsed in May 2026, and Bloomberg had reported that PAG, Warburg Pincus and Trustar were weighing fresh bids after talks with a Chinese state-owned suitor collapsed. Evergrande Property Services shares rose 2.6% to HK$1.17 on the report.
