Evergrande crisis inspires shrewd bottom-feeding : vimarsana.com

Evergrande crisis inspires shrewd bottom-feeding

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.

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