China Evergrande enters exclusivity agreement for potential sell-down of stake in property services unit

Sept 30 (Reuters) - Evergrande Property Services on Wednesday said China Evergrande Group and CEG Holdings (BVI), its controlling shareholders, have entered an exclusivity agreement with a selected bidder for a potential sale of their shares in the company. 

Here are some more details: 

• China Evergrande Group, once China's premier developer, has defaulted on most of its $300 billion liabilities and is currently managed by liquidators.

• The signing of the exclusivity deal comes a year after the liquidators of the two parties informed the indebted property developer that they were seeking to sell their shareholdings in the company totalling 51.016%.

• The parties have agreed to conduct exclusive negotiations in relation to the potential transaction for a period ending on October 27, Evergrande Property Services said.

• Negotiations are ongoing and parties have not entered any formal agreement, the property services unit added.

• Evergrande Property Services did not disclose the details of the selected bidder.

(Reporting by Sherin Sunny in Bengaluru; Editing by Jonathan Ananda)