BEIJING — China Evergrande shares dropped 12.5% on Thursday, after a deal to sell some of its assets to Hopson Development Holdings fell through.

However, Hopson announced late Wednesday that talks fell through to purchase a 50.1% stake in Evergrande Property Services.

Evergrande said late Wednesday that since selling its $1.5 billion stake in Shengjing Bank in late September, "there has been no material progress on sale of assets of the Group.".

20, the company's contracted property sales from the beginning of September totaled 3.65 billion yuan ($571.1 million).

That's 90% lower than in August, when contracted property sales totaled 38.08 billion yuan.

20 was 442.3 billion yuan, Evergrande said.