Reuters report, citing sources with knowledge of the matter
A few weeks back, Evergrande were involved in a deal to sell a 51% stake in its property services unit to Hopson Development Holdings as part of a restructuring plan to avoid a potential default in the firm.
But it is being reported now that the deal has been put on hold as it has yet to win blessings from the Guangdong provincial government - whom which is overseeing the restructuring of Evergrande, according to sources.
There isn't any immediately clear reason why the deal is not approved but it is being said that some offshore creditors are supposedly opposed to the deal.
I don't think this will have any abrupt ramifications for the market just yet but pay attention to all of this ahead of the 23 October deadline for Evergrande's first grace period lapse after they missed the bond payment last month.
