Hong Kong-listed property developer Hopson Group is expected to announce the acquisition of a 51% stake in debt-laden rival Evergrande after trading in shares in the Chinese property developer was suspended.
Evergrande said yesterday that trading had been suspended pending a statement on a “major transaction” expected to involve a $5bn sale of a stake in its property management division.
Chinese news outlets Cailian Press and the Global Times reported that Hopson Development is the buyer behind the transaction. Hopson has not yet commented, but also suspended trading in its shares, pending an announcement “in relation to a major transaction”.
