(Yicai) Sept. 12 -- Shares of Evergrande Property Services Group climbed after the property services arm of embattled Chinese builder China Evergrande Group said it received tender offers from potential bidders for a majority stake.

Evergrande Property Services [HKG: 6666] closed 20.7 percent up at HKD1.11 (14 US cents) in Hong Kong today, after earlier surging as much as 40.2 percent. The stock halted trading yesterday, awaiting the company to disclose some important matters.

Evergrande’s liquidators received non-binding offers from some interested parties to buy a majority stake in Evergrande Property Services, the Guangzhou-based subsidiary announced yesterday.

The deal is still at an early stage, and no negotiations have been held with any interested parties yet, Evergrande Property Services noted, adding that Evergrande’s liquidators will invite selected interested parties for negotiations around November to reach a binding deal.

The potential buyers of Evergrande Property Services include two state-backed developers -- China Overseas Land and Investment and China Resources Land -- according to market rumors. However, both companies denied the rumors to Yicai today.

Evergrande has total liabilities of CNY2.4 trillion (USD337 billion). It started liquidation procedures after the High Court of Hong Kong issued a winding-up order in January last year. Since then, the liquidators have been seeking to sell Evergrande’s 51 percent stake in Evergrande Property Services.

Evergrande tried to sell its stake in Evergrande Property Services to Hong Kong-based developer Hopson Development Holdings in 2021, but the deal collapsed when the two sides could not reach an agreement.

Evergrande Property Services is one of Evergrande’s most valuable assets, as it remained profitable even after its parent firm went bankrupt.

Evergrande Property Services reported a net profit of CNY472 million (USD66.3 million) in the first half of this year, down 6 percent from a year earlier, while its revenue rose 7 percent to CNY6.6 billion (USD926.8 million).

Editors: Dou Shicong, Futura Costaglione