China Evergrande shares briefly fell more than 10% Thursday after a deal fell through to sell part of its services unit to Hopson Development Holdings.
Heavily indebted Evergrande was in talks earlier this month to sell part of its services unit to Hopson, its smaller rival. However, Hopson announced late Wednesday that
to purchase a 50.1% stake in Evergrande Property Services. Evergrande confirmed the termination of the deal in a separate filing.Loading chart... Evergrande is China's second-largest developer by sales and the industry's largest issuer of offshore bonds, with a Worries about the company's ability to repay its debt have raised concerns of spillover into China's real estate market, which — along with related industries —accounts for about a quarter of national GDP.halted trading ahead of a "major transaction."The collapse of the Hopson deal comes as Evergrande nears the end of a 30-day grace period for a closely watched
to investors in an offshore U.S. dollar-denominated bond. If the developer fails to pay by Saturday, it will technically default.in late September, "there has been no material progress on sale of assets of the Group."
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