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Evergrande Offloads Property Management Wing in Latest Attempt to Stay Afloat

In its latest bid to stave off bankruptcy, China’s Evergrande Group is planning its largest asset sale yet as it looked to sell a majority stake in its property management business for an estimated $5 billion, Reuters reported.

The Chinese company that was once known as the world’s most valuable real estate brand, according to Brand Finance, continued to offload assets in an attempt to avoid succumbing to its $305 billion worth of debt.

On Monday, the company asked for a pause on the trading of its shares in Hong Kong because it planned to announce a major transaction. The company’s spinoff management wing Evergrande Property Services Group also requested a pause in trading.

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