In the ever-changing landscape of the industry, the fate of Evergrande Property Services has been under constant scrutiny. On the evening of September 11, 2025, EVERG SERVICES Group Limited (06666.HK) released an announcement that sent ripples through the market like a stone cast into still waters — the liquidator of EVERGRANDE has received a non-binding acquisition proposal for the company. This indicates that EVERG SERVICES may soon welcome a new buyer, and this potential transaction will have far-reaching implications for EVERGRANDE Group's debt disposal and the overall property management industry landscape.
**Current Status Analysis of EVERG SERVICES**
As a key asset under EVERGRANDE Group, EVERG SERVICES has demonstrated certain resilience despite weathering storms over the past few years. From a financial perspective, in the first half of 2025, EVERG SERVICES achieved operating revenue of approximately RMB 6.647 billion, representing a year-on-year growth of about 6.9%. Net profit reached approximately RMB 491 million, with a net profit margin of about 7.4%, down approximately 0.6 percentage points year-on-year. Profit attributable to owners of the company was approximately RMB 472 million, with basic earnings per share of about RMB 0.04. The company held cash and cash equivalents of approximately RMB 2.778 billion.
As of June 30, EVERG SERVICES' total gross floor area under management reached approximately 596 million square meters, an increase of about 41 million square meters compared to June 30, 2024. These figures indicate that despite facing numerous challenges, EVERG SERVICES maintains certain growth momentum at the operational level, with the expansion of its managed area reflecting the continuous extension of its service coverage in the market.
However, EVERG SERVICES is also deeply mired in difficulties. Related party issues have been a sword of Damocles hanging over its head. Currently, the conversion process for approximately 150 million square meters of contracted projects from related parties has stalled, with significant uncertainty regarding future conversions. The disposal of related party assets may lead to changes in EVERG SERVICES' related business model and profit decline, while severely undermining the company's brand credibility and bargaining power in bidding, new client development, and existing client renewals. This puts EVERG SERVICES at a disadvantage in market competition, facing enormous pressure in new business expansion and client maintenance.
**Potential Buyers Emerge?**
According to the announcement, EVERGRANDE's liquidator has received a non-binding acquisition proposal for EVERG SERVICES. While specific buyers have not been confirmed, market rumors suggest that interested bidders may include China Overseas Group and subsidiaries of China Resources Group. However, on September 12, relevant personnel from China Overseas Development stated they currently have no information regarding the acquisition of EVERG SERVICES, while China Resources Land responded that related rumors are "untrue."
Despite temporary denials from these two potential buyers, market speculation about EVERG SERVICES' buyer has not ceased. From an industry perspective, if a financially robust enterprise takes over EVERG SERVICES, it could be an excellent opportunity for the company to escape its predicament. New buyers could leverage their resources and advantages to help EVERG SERVICES resolve legacy related party issues, optimize operational management, and enhance brand image. For instance, if state-owned enterprises like China Overseas or China Resources take over, their rich management experience, strong financial strength, and good brand reputation could rapidly improve EVERG SERVICES' financial condition, strengthen market expansion capabilities, and break through current business development bottlenecks.
This would also facilitate further disposal of EVERGRANDE Group's debts by realizing assets to repay partial debts and alleviate debt pressure.
**Review of EVERG SERVICES' Equity Transaction History**
Since EVERGRANDE's crisis, EVERG SERVICES has repeatedly been subject to ownership change rumors. In October 2021, EVERGRANDE and Hopson Development signed an agreement regarding the acquisition of EVERG SERVICES shares, involving the transfer of approximately 5.416 billion shares, representing 50.1% of EVERG SERVICES' issued shares, with a total transaction consideration of approximately HK$20.04 billion. However, the acquisition was ultimately terminated due to the parties' inability to reach consensus on some key terms.
The failure of this transaction not only caused EVERG SERVICES to miss a potential transformation opportunity but also subjected the company to more uncertainties in subsequent development, bearing pressure alone amid market fluctuations.
In August this year, market sources indicated that EVERGRANDE's liquidator had engaged UBS Group and CITIC Securities to seek potential buyers for EVERG SERVICES. The market reaction at the time showed that this move generated high industry attention regarding EVERG SERVICES' future direction and prompted more enterprises to examine the possibility and potential value of acquiring EVERG SERVICES, laying the groundwork for this potential transaction.
**Potential Impact on Property Management Industry Landscape**
If EVERG SERVICES successfully changes ownership, it will undoubtedly have a significant impact on the property management industry landscape. EVERG SERVICES originally held considerable scale and influence within the industry, with its vast total managed area and extensive business coverage. After new buyers take over, they may implement a series of integration and transformation initiatives for EVERG SERVICES.
On one hand, new buyers may pursue synergistic development between EVERG SERVICES and their existing property management businesses, achieving resource sharing and complementary advantages, thereby expanding market share and enhancing industry competitiveness. This could trigger a new wave of industry consolidation, with other enterprises accelerating their strategic layouts and business adjustments to avoid market elimination.
On the other hand, EVERG SERVICES' ownership change may also alter competitive dynamics within the industry. The entry of new buyers may bring new business philosophies and management models, prompting other industry players to learn and innovate, driving the entire property management industry toward more professional, standardized, and intelligent development. For example, new buyers may increase investment in smart property management, enhancing the technological content of property services, which will encourage other enterprises to follow suit, thereby improving the service level and operational efficiency of the entire industry.
The emergence of new buyers for EVERG SERVICES represents a critical juncture in EVERGRANDE Group's debt disposal process and an important opportunity for property management industry development. Regardless of who the ultimate buyer is, this potential transaction will profoundly impact EVERG SERVICES' future and create waves in the property management industry, warranting continued attention from all market participants.
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