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CHINESE ESTATES HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  05/20 04:08:13 am EDT
2.180 HKD   +1.40%
03/20Chinese Estates Holdings Limited Reports Earnings Results for the Full Year Ended December 31, 2021
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03/14Chinese Estates Holdings Limited Provides Earnings Guidance for the Year 31 December 2021
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01/10Property Investor China Estates Reports $192 Million Annual Loss on China Evergrande Meltdown
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Evergrande shareholder Chinese Estates shelves plans to go private

12/17/2021 | 07:52am EDT
FILE PHOTO: Headquarters of China Evergrande Group in Shenzhen

(Reuters) - Chinese Estates Holdings, a major stakeholder in embattled developer China Evergrande, said on Friday its plans to go private had fallen through as its shareholders had rejected the proposal.

The company, which is the third-largest shareholder of Evergrande, received a proposal to be taken private from the British Virgin Islands-based company for HK$1.91 billion ($245.30 million) in early October.

Chinese Estates, however, said the proposal did not pass in a shareholder vote that took place earlier in the day.

The company also said it had made an application to resume trade on the Hong Kong stock exchange from Dec. 20.

Chinese Estates owned about 4.7% of Evergrande's equity capital as of Sept. 27, according to Refinitiv Eikon data.

The company has mandated a sale of all or part of the remaining Evergrande stake either on the market or through block trades.

Evergrande, which has more than $300 billion in liabilities, missed a debt payment deadline last week, putting it at risk of becoming the country's biggest defaulter.

($1 = 7.8023 Hong Kong dollars)

(Reporting by Harish Sridharan in Bengaluru; Editing by Amy Caren Daniel and Anil D'Silva)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 8.55% 1.65 End-of-day quote.3.77%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 1.91% 3.2 Delayed Quote.-9.09%
CHINESE ESTATES HOLDINGS LIMITED 1.40% 2.18 Delayed Quote.-23.78%
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Financials
Sales
Net income
Net Debt
P/E ratio
Yield
Capitalization 4 159 M 530 M 530 M
EV / Sales -1
EV / Sales 0
Nbr of Employees 491
Free-Float 25,0%
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Managers and Directors
Hoi Wan Chan Chief Executive Officer & Executive Director
Ming Wai Lau Chairman
Chi Ming Kong Head-Operations
Kwong Wai Lam Secretary, Executive Director & CIO
Kwok Wai Chan Independent Non-Executive Director