PAG to buy control of Evergrande Property Services in $514M deal
What's the deal? Everest Holdings I Limited has agreed to buy about 5.52 billion shares — a 51.016% stake — in Evergrande Property Services Group for roughly US$487.1M, or US$0.1 per share. The transaction, still subject to conditions, transfers control of the Hong Kong-listed property manager. Sources told Caixin that Asia-focused private equity firm PAGDealroom has a profile for this one. Try Dealroom → is behind the acquisition.
Why now? The sale turns a year-long liquidation into a concrete deal. Evergrande Property Services' liquidators, Tiffany Wong and Edward Simon Middleton of Alvarez & MarsalDealroom has a profile for this one. Try Dealroom →, were appointed by a Hong Kong court in January 2024 to recover value from the collapse of China Evergrande Group, once the world's most indebted developer.
What changes for shareholders? Once the stake deal completes, Everest Holdings I must launch an unconditional mandatory cash offer for all remaining shares under Hong Kong's Takeovers Code. That offer price and terms will matter directly to minority shareholders. Trading in the company's shares is set to resume.
What's the endgame? The stake is a primary recovery source for China Evergrande's offshore creditors, though it is one asset within a far larger claims process. PAG plans to keep Evergrande Property Services listed.
The company, incorporated in the Cayman Islands, manages residential and commercial real estate projects and has over 10.8 billion shares in issue. In the first half of 2026, it reported net profit up 9.5% to US$71.1M and revenue up 4.5% to US$948.8M.
What could go wrong? Completion remains subject to conditions, and the change of control raises questions about the company's future strategy and independence from its collapsed parent.
The signal: The deal shows how China's property crisis is slowly working through to asset sales, with private equity stepping in to extract value for creditors from one of the sector's largest failures.
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