Evergrande Property's 51% Stake Changes Hands at HK$4.026 Billion; Offer Price at 29.5% Discount to Last Closing Price
nashnova research
Evergrande's liquidators sold a 51% stake in Evergrande Property Services to Everest Holdings for HK$4.026 billion — HK$0.8359 per share, a near-30% discount to the last closing price — triggering a mandatory offer to all shareholders at the same price.
Who bought what, and for how much?
Everest Holdings acquired roughly 5.515 billion shares of Evergrande Property Services (HKEx: 06666) for about HK$4.026 billion, taking a 51.016% controlling stake.
The seller is not Evergrande's management. The company's court-appointed liquidators handled the sale — their job is to turn assets into cash for creditors.
The per-share price of HK$0.8359 represents a 29.5% discount to the last closing price of HK$1.185. In plain terms = the buyer got roughly a "30%-off" deal.
Why sell at a 30% discount?
Evergrande Property shares had been suspended for an extended period, leaving almost no liquidity. The liquidators needed certainty more than price.
This reflects the broader logic of Evergrande's wind-down: sell what you can, when you can, and accept the haircut for a done deal.
At the announcement date, Everest Holdings held just 8,500 shares — effectively going from zero to majority control in one transaction.
What is the mandatory offer?
Under Hong Kong's Takeovers Code, once a buyer crosses the 30% threshold it must make an unconditional mandatory cash offer for all remaining shares — here at the same HK$0.8359 per share.
This means → every minority shareholder gets the option to exit at the same price; no one is locked in.
Goldman Sachs is acting for the buyer. Everest Holdings stated it intends to maintain the company's listing on the Hong Kong Stock Exchange.
What does this mean for Evergrande's creditors?
As of September 30, 2026, the liquidators had recovered roughly US$433 million — less than 1% of the US$46 billion in total creditor claims.
Evergrande Property is one of the three major potential recovery sources identified by the liquidators; this sale is a significant step in that process.
In plain terms = even adding this HK$4 billion, the gap to US$46 billion remains enormous. The first distribution to creditors is not planned until H1 2027, and the ultimate recovery rate is still an open question.
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