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Tags: Evergrande | Chinese Estates | China real estate | global bond market

Evergrande Major Shareholder Chinese Estates to Go Private

Evergrande Group Headquarters
(AP)

Wednesday, 06 October 2021 09:28 AM

Chinese Estates Holdings, a major shareholder of embattled developer China Evergrande, said on Wednesday it had proposed to be taken private by Solar Bright Ltd for HK$1.91 billion ($245.30 million).

Following the completion of the proposed deal, the entire stake in the company will be held by British Virgin Islands-based Solar Bright and its Century Frontier and JLLH Investments subsidiaries.

Chinese Estates shares will be delisted from the stock exchange and its shareholders will be paid HK$4.00 in cash for each canceled share, the company said.

The company has been planning to offload its entire stake in the cash-strapped developer and had recently sold $32 million worth of Evergrande shares. ($1 = 7.7865 Hong Kong dollars)

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Chinese Estates Holdings, a major shareholder of embattled developer China Evergrande, said on Wednesday it had proposed to be taken private by Solar Bright Ltd for HK$1.91 billion ($245.30 million).
Evergrande, Chinese Estates, China real estate, global bond market
116
2021-28-06
Wednesday, 06 October 2021 09:28 AM
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