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Evergrande shareholder Chinese Estates looks to go private

Family of billionaire ex-chairman Joseph Lau proposes $244m investor buyout

Former Chinese Estates Chairman Joseph Lau, right, and CEO Kimbee Chan, left, recently announced the sale of some of their Evergrande shares.   © Reuters

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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