The $7bn property management unit of ailing developer China Evergrande Group said it could be the subject of a takeover bid, a deal that could bring in much-needed cash for its parent company.

Shares in both Evergrande and its management arm, Evergrande Property Services Group, were halted in Hong Kong on Monday, 4 October. The subsidiary said the halt was pending an announcement concerning “inside information and a possible general offer for the shares of the company.”