PAG Buys Controlling Stake in Evergrande Property Services for $513M

• Private equity firm PAG agreed to buy a 51.016% stake in Evergrande Property Services for $513 million.
• The sale aims to recover assets for creditors owed $46 billion by Evergrande.
• The transaction was confirmed by a Hong Kong stock exchange filing.
• Evergrande Property Services is a profitable business unit of the heavily indebted Evergrande Group.
• The sale gives PAG control over the property management arm of Evergrande.