Liquidators of China Evergrande Group have agreed to sell a controlling stake in its property management arm to investment firm PAG for HK$4.03 billion (US$513.6 million), as they seek to recover assets for creditors owed US$46 billion. The sale of a 51.016 per cent stake in Evergrande Property Services could give the profitable business a new controlling shareholder after its parent used billions of yuan of its bank deposits as collateral for loans, leaving the company struggling to recover the...

Hong Kong banks are facing a growing backlog of repossessed homes as aggressive pricing by developers draws buyers towards new projects, leaving fewer buyers for second-hand properties being sold by mortgagees. The number of residential properties listed for sale by mortgagees rose 30 per cent in the third quarter to sit at 262 at the end of September, a four-quarter high, according to Centaline Property. The increase of 61 properties was the largest since records began in the fourth quarter of...