Evergrande shares fell as much as 14% on Thursday morning in Hong Kong as it resumed trading after a 17-day halt.
The hugely indebted Chinese property giant had stopped its shares from trading ahead of an announcement.
Reports said real estate firm Hopson Development was set to buy a 51% stake in its property services unit.
On Wednesday, Evergrande said the $2.6bn deal had fallen through as they were unable to agree on the deals terms.
The crisis at Evergrande has triggered fears that its potential collapse could send shockwaves through global markets.
Investors have concerns about its more than $300bn (£222bn) of debt. The company’s total liabilities are equal to around 2% of China’s gross domestic product.
Hopson Development, another Chinese property firm, said on Wednesday that Evergrande told it the deal had been terminated on 13 October.
It is one of the companies owed money by Evergrande.
“The company is exploring the options available to it for the protection of its legitimate interests in relation to the agreement,” it said in a filing to the Hong Kong Stock Exchange.
‘No guarantees debts will be paid’
Evergrande’s chairman and founder Hui Ka Yan says its plan is to try to secure extensions for its debts and “other alternative arrangements” with its creditors.
But, he added, “there is no guarantee that the group will be able to meet its financial obligations”.
The indebted property giant has reportedly missed interest payments to overseas investors twice in recent weeks.
