Beijing, Oct 22 (EFE) .- The developer Hopson Development considers the purchase agreement it had reached to buy the majority stake in an Evergrande subsidiary, Evergrande Property Services, legally binding, despite the fact that Evergrande announced the termination of the agreement on Wednesday , collect today Chinese media.
In a statement, Hopson Development explained yesterday that it “considers the agreement to be legally binding and not subject to any preconditions.”
In addition, Hopson, “following what is stipulated in the agreement” has already “taken the pertinent measures to complete the purchase and prepared the funds for it,” he explained yesterday.
The transaction involved the transfer of 50.1% of Evergrande Property Services, a subsidiary of Evergrande, to Hooplife, in turn a subsidiary of Hopson, for an amount of 20,040 million Hong Kong dollars (2,577 million dollars, 2,213 million euros ).
However, the Chinese real estate giant announced on Wednesday the breakdown of negotiations, accusing Hooplife of “not having fulfilled the prerequisites to make a blanket offer for the shares of Evergrande Property Services”, prompting the group last day 13 to “exercise your right of withdrawal with respect to the agreement.”
For his part, Hopson assured that the operation was not completed on the day specified to do so, October 12, so a day later he demanded that Evergrande comply with its part of the agreement, after which he received the aforementioned termination note.
In addition, Hopson accused Evergrande of demanding to change the payment method after the terms of the agreement were agreed, something that the promoter called “unacceptable.”
This conflict further complicates the situation of Evergrande, about whose ability to meet a liability of more than 300,000 million dollars (258,000 million euros) there are doubts at the international level.
The local media Securities Times reported today that Evergrande has paid the interest owed on an ‘offshore’ bond – some 84 million dollars – that should have been paid on September 23, thus avoiding incurring default.
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