Evergrande's stock was suspended from trading on Monday as the debt-ridden Chinese company nears a deal to sell its property management unit. Shares in Hopson Development, another Chinese property company, were also suspended amid reports it was set to buy a 51pc stake in Evergrande Property Services for more than HK$40bn (£3.8bn). The deal would be Evergrande's largest asset sale yet as it battles to ease the burden of its $305bn debt pile. It follows similar sales completed to reduce debts, including the sale of Evergrande's 20pc stake in Shengjing Bank, which raised around $1.5bn (£1.1bn). The Chinese state has encouraged state-owned enterprises to buy distressed Evergrande assets in order to diffuse the situation.