UBS said to leave Evergrande $1 Bln IPO underwriting team

UBS AG has dropped out of the team arranging a $1 billion Hong Kong initial public offering for Evergrande Real Estate Group Ltd., the Chinese developer that has revived plans to sell shares, said four people with knowledge of the change.

Evergrande replaced UBS with Goldman Sachs Group Inc., who will manage the sale alongside BOC International (Holdings) Ltd. and Bank of America Corp.’s Merrill Lynch & Co. unit, said two of the people, who declined to be identified because the information isn’t public. UBS left the underwriting team after deciding it was unable to meet Evergrande’s required commitment for human and other resources in the sale, two of the people said.