SINGAPORE (Oct 18): PAG, a Hong Kong-based alternative asset manager, is exploring a sale of its stake in restaurant operator Paradise Group Holdings known for its colorful dumplings with exotic flavors, people with knowledge of the matter said.

The buyout firm is working with an adviser on the potential sale that could value Singapore-based Paradise at as much as $500 million, said one of the people, who asked not to be named as the information is private.

Deliberations are at a preliminary stage and may not result in a deal, the people said. A representative for PAG declined to comment, while a representative for Paradise Group didn’t immediately respond to requests for comment.

Paradise Group, founded in 2008, runs more than 100 restaurants across Asia including Singapore, Hong Kong, Japan and China, according to its website. It operates brands such as Paradise Dynasty, Seafood Paradise, Para Thai and Beauty in The Pot. One of its signature dishes is xiaolongbao, or steamed dumplings, that come in various flavours including foie gras, black truffle, cheese and crab roe.

PAG, which manages more than US$30 billion ($41 billion) and sold a stake to Blackstone Group LP last year, invested in Paradise Group in 2016, according to a statement at that time, without giving financial details. Paradise founders Eldwin Chua and his brother Edlan remain as significant shareholders, the buyout firm has said.