Global shares decline after Evergrande sale deal called off

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Global shares are mostly lower after major Chinese property developer Evergrande said a plan to sell its property management arm to a smaller rival had fallen through. Benchmarks in France, Germany and Britain declined in early trading. Shares finished lower in Hong Kong, Seoul and Tokyo. Shares in China Evergrande Group tumbled 12.5% while shares in its property unit slipped 8%. Evergrande said it was having difficulties selling off assets to resolve its cash crunch. Hopson Development Holdings’ shares rose 12.4% after it said was unable to complete the purchase. Trading of shares in all three companies was suspended.