Evergrande liquidators pick state-owned tourism company for exclusive sale talks
More investors may join Guangdong Provincial Tourism if an agreement for the sale is reached, sources say
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[BEIJING] China Evergrande Group’s liquidators have selected Guangdong Provincial Tourism to enter exclusive talks for acquiring a majority stake in the developer’s property management unit, sources said, as they try to claw back some money from one of the country’s most significant corporate collapses.
The state-owned company was picked ahead of others, including private-equity company PAG, the sources added, asking not to be identified because the information is not public.
Trustar Capital was also considering a bid, Bloomberg News reported in January.
More investors could join Guangdong Provincial Tourism if an agreement for a stake in Evergrande Property Services is reached, the sources said.
Hong Kong’s High Court appointed Edward Middleton and Tiffany Wong of Alvarez & Marsal as liquidators for Evergrande in 2024, three years after the once high-flying developer spiralled under liabilities that at one point reached more than US$300 billion.
China Evergrande holds about 51 per cent of Hong Kong-listed Evergrande Property Services, which has a market value of US$1.7 billion, offering an avenue for creditors trying to salvage something from the Evergrande wreckage.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Evergrande Property Services said in a filing on Tuesday (Apr 14) that exclusive negotiations with a selected bidder would take place for 30 business days.
It did not name the bidder in the Hong Kong Stock Exchange filing.
Representatives for Evergrande’s liquidators and PAG declined to comment. Guangdong Provincial Tourism did not respond to a request for comments.
Evergrande Property Services’ market value is way below the highs of around US$26 billion five years ago. Its net income in 2025 totalled 987 million yuan (S$184 million) on revenue of 13.7 billion yuan.
Evergrande’s collapse in 2021 left bondholders and banks facing billions in losses, contributing to a prolonged slump in China’s property market.
Founder Hui Ka Yan – once Asia’s second-wealthiest person – pleaded guilty on Monday in a Shenzhen court to charges including fundraising fraud and bribery.
Guangdong Provincial Tourism was established in 2014 to bring together the southern Chinese region’s top travel and hospitality brands.
The company oversees everything from five-star hotels and major travel agencies to scenic sites and cultural media, its website said. BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
