China fights Evergrande downdraft

There’s a new acquisition:

China Evergrande Group and its property-services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much-needed cash.

Trading of Evergrande was suspended pending an announcement on a “major transaction,” the developer said Monday in a stock exchange filing. Evergrande Property Services Group Ltd. said it was halted before an announcement on a possible offer of shares in the company.

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