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China Evergrande Calls Off Plans to Sell Key Unit for $2.6 Billion

China Evergrande Calls Off Plans to Sell Key Unit for .6 Billion

SINGAPORE— China Evergrande Group called off plans to sell a majority stake in its property-management unit for the equivalent of $2.6 billion, a major setback in the real-estate giant’s attempts to ease its liquidity crunch.

The cash-strapped developer said Wednesday that it had planned to sell 50.1% of the profitable subsidiary, Evergrande Property Services Group Ltd. , to a unit of rival developer Hopson Development Holdings Ltd.

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