Talks to sell a controlling stake in Evergrande Property Services have collapsed after liquidators of its bankrupt parent, China Evergrande Group, failed to reach a formal agreement with a prospective buyer, reports Caixin.
The property-management firm announced the termination of negotiations midday Thursday, sending its Hong Kong-listed shares down 23.5% to close at HK$0.78 ($0.1). The selloff reduced Evergrande Property’s market value to about HK$8.4 billion, down 96% from its peak of HK$206.5 billion. The stock touched an intraday low of HK$0.74, its weakest level since mid-June 2025.
Liquidators of China Evergrande have been trying to sell the 51.02% stake since September 2025. After a screening process, they entered a 30-working-day exclusive negotiation period with a selected bidder on April 14. Caixin learned at the time that the bidder was Guangdong Provincial Tourism Holdings, a state-owned enterprise, and that the acquisition had initially been coordinated by local government authorities.