Breakingviews - COMMENTARY: PAG's China property deal blueprint comes together

HONG KONG, Nov 2 (Reuters Breakingviews) - The buyout firm will take over Evergrande's building services unit for $514 mln, ⁠or half the 18 times earnings multiple a top rival trades on. It's PAG's second bet in the real estate market's potential bright spot. Refreshing these unloved asset light businesses ⁠could pay off.

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Context News* Buyout investment firm PAG will acquire a ⁠51% stake in Evergrande Property Services Group, a unit of China ⁠Evergrande Group, for HK$4.03 billion ($514 million), the two ⁠said in a joint announcement on October 30.

Editing by Robyn Mak; Production by Aditya Srivastav

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Ka Sing Chan

Thomson Reuters

Chan Ka Sing is China Columnist for Reuters Breakingviews. Prior to joining Reuters, he worked at Week in China, Hong Kong Economic Journal and Dow Jones Newswires.