Evergrande liquidators set November-end deadline for bids on property services unit
Liquidators caution that the sale of Evergrande Property Services is at a preliminary stage and many of the details have yet to be finalised
The deadline for the offer, as well as identifying bidders for China Evergrande’s stake in Evergrande Property Services (EPS), comes as creditors seek to recover assets from the Guangzhou-based developer, which collapsed under the weight of more than US$300 billion in liabilities.
The liquidators cautioned that any potential transaction “remains at a preliminary stage, and the timing for entering the next phase of the process and submitting the final proposal have yet to be determined by the liquidators”.
Shares of EPS closed unchanged at HK$1.25 on Friday.
EPS, which has a market capitalisation of HK$13.8 billion (US$1.8 billion), reported a profit of 473.2 million yuan (US$66.6 million) in the six months to June, a 5.6 per cent decline from a year earlier, according to its latest financial results.
In its annual report, EPS said it had signed new projects spanning more than 23 million square metres with annual contract revenue worth about 600 million yuan. Non-residential projects accounted for more than 70 per cent of revenue. It had some 3,000 projects under operation last year, according to the annual report.