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Evergrande Service Unit to Seek Approval for $2 Billion Hong Kong IPO

  • Property management arm aims for approval as soon as next week
  • Developer is facing pressure to pare back its debt pile
Evergrande Faces Crisis of Confidence Over $120 Billion Debt
Photographer: Chan Long Hei/Bloomberg

Evergrande Property Services Group Ltd. is planning to seek listing approval as soon as next week for its Hong Kong initial public offering, which could raise at least $2 billion, according to people familiar with the matter.

The property management arm of China Evergrande Group could even raise as much as $3 billion depending on market conditions, said one of the people, who asked not to be identified as the information is private.