Stockmarket

China Evergrande shares set to slide 10.5% after $2.6 billion deal collapses



© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo

HONG KONG (Reuters) – Shares of China Evergrande Group are set to fall 10.5% on Thursday after a deal to sell a $2.6 billion stake in its property services unit fell through, in the latest blow to the developer whose massive debt woes have rattled global markets.

Evergrande Property Services Group’s stock was set to drop 8% as trading in both companies’ shares resumed.

In a statement late on Wednesday, Evergrande said it had scrapped a deal to sell a 50.1% stake in its property services arm to smaller rival Hopson Development Holdings.

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