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China Evergrande shares briefly plunge more than 10%, after $2.6 billion asset sale falls through
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cnbc.comBEIJING — China Evergrande shares briefly dropped more than 10% in opening trade on Thursday, after a deal to sell some of its assets to Hopson Development Holdings fell through.
Hopson shares traded more than 5% higher, while Evergrande Property Services briefly fell 9% in morning trade.
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 talks fell through to purchase a 50.1% stake in Evergrande Property Services. Evergrande confirmed the termination of the deal in a separate filing.
The deal would have been worth 20.04 billion Hong Kong dollars ($2.58 billion), according to filings.
Evergrande is China's second-largest
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