Shares of Chinese Estates Holdings , a former major shareholder of embattled developer China Evergrande , jumped as much as 32% on Thursday after it announced an offer to be taken private for HK$1.91 billion ($245 million).
What to say to a friend whose troubles give you an opportunity? Evergrande’s shares are suspended while a rival eyes taking a $5 billion majority stake in the ailing developer’s property management unit, Chinese media reported. Now tycoon Joseph Lau has launched a $250 million buyout bid for the 25% his family doesn’t already own in Chinese Estates . Its shares have been beaten down by its close ties to Evergrande boss Hui Ka Yan, a poker buddy of Lau. Sellers in each case are looking at strong hands that they’ll have little choice but to fold on.
Hong Kong developer quits the stock market as Evergrande fallout spreads – KION546 kion546.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kion546.com Daily Mail and Mail on Sunday newspapers.
Shares of Chinese Estates Holdings, a former major shareholder of embattled developer China Evergrande, jumped as much as 32% on Thursday after it announced an offer to be taken private for HK$1.91 billion ($245 million).