The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
China Evergrande Group and its property-services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much-needed cash.
Trading of Evergrande was suspended pending an announcement on a “major transaction,†the developer said in
a stock exchange filing. Evergrande Property Services Group said it was halted before an announcement on a possible offer of shares in the company.
Hopson Development Holdings Ltd plans to acquire a 51% stake in the property-services unit, according to Chinese financial news platform Cailian, citing unidentified people.