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Evergrande's major shareholder Chinese Estates plans to go private

Evergrande's major shareholder Chinese Estates plans to go private

Construction cranes stand near Evergrande's name and logo at its new housing development in Beijing, Sep 15, 2021. (File photo: AP/Andy Wong)

Chinese Estates Holdings, a major shareholder of embattled developer China Evergrande, said on Wednesday (Oct 6) it had proposed to be taken private by Solar Bright Ltd for HK$1.91 billion (US$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 in cash for each cancelled share, the company said.

Shares of Chinese Estates have been halted since Sep 29, when they closed at HK$2.90.

The company has been planning to offload its entire stake in the cash-strapped developer and had recently sold US$32 million worth of Evergrande shares.

Source: Reuters

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