Evergrande says a $2.6 billion sale has collapsed as another payment deadline looms
CNN
Evergrande has called off plans for a multibillion-dollar deal for its property management unit, worsening its cash crunch as the Chinese real estate giant teeters on the brink of collapse.
The company announced late Wednesday that it had terminated an agreement to sell a controlling stake of Evergrande Property Services to rival Chinese developer, Hopson, for about 20 billion Hong Kong dollars (roughly $2.6 billion).
The deal, which was announced earlier this month, was scuppered after Evergrande "had reason to believe ... that the purchaser had not met the prerequisite to make a general offer for shares in Evergrande Property Services," the conglomerate said in a stock exchange filing.
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