HONG KONG -- Chinese Estates Holdings, a Hong Kong-based developer and once-major shareholder in crisis-stricken peer China Evergrande Group, has proposed going private in a deal worth about 1.9 billion Hong Kong dollars ($244 million).
The family of billionaire former chairman Joseph Lau, which controls the company, would buy out minority investors for HK$4 per share, according to a disclosure on Wednesday. That represents a 38% premium over the closing price Sept. 29, when trading was suspended ahead of the announcement.
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