China Evergrande will sell a majority stake in its property management business for more than $5 billion, according to Chinese media on Monday, in what would be the company's largest asset sale to date if the transaction goes through.

Evergrande, formerly China's top-selling property company, is facing one of the country's largest-ever restructurings, as the corporation is burdened with $305 billion in debt. Uncertainty over Evergrande's destiny has disturbed financial markets, which are concerned about potential consequences from the company's problems.

Evergrande (3333.HK) sought a stop in trading of its shares in Hong Kong on Monday pending an announcement concerning a large deal. Evergrande Property Services Group (6666.HK), a spin-off listed last year, also requested a suspension, citing "a possible general offer for shares of the company."

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According to China's state-backed Global Times, Hopson Development (0754.HK) purchased a 51% share in the property firm for more than HK$40 billion ($5.1 billion), citing unnamed other media sources. Hopson also stated that trading in its shares had been halted pending an announcement about a substantial purchase of a Hong Kong-listed company and a prospective obligatory offer.

Both Hopson and Evergrande did not reply to calls for comment on the article in the Global Times.

Analysts believe the potential sale indicates that the firm is still striving to satisfy its obligations. It has, however, reignited larger fears about the damage to China's property market and economy if Evergrande is liquidated at cheap prices.