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Evergrande’s major shareholder Chinese Estates plans to go private By Reuters

by Mike Robinson

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(Reuters) -Chinese Estates Holdings was a significant shareholder in the embattled Chinese developer China Evergrande and announced Wednesday that it proposed being taken private by Solar Bright Ltd at HK$1.91billion ($245.30m).

After the deal is completed, all stakes in the company will remain with Solar Bright (British Virgin Islands) and its Century Frontier or JLLH Investments subsidiaries.

Chinese Estates shares will no longer be listed on the stock exchange. Each cancelled share will be paid HK$4.00 to its shareholders, according to the company.

Company plans to sell its whole stake in cash-strapped developer. Evergrande shares were recently sold for $32 Million.

($1 = 7.7865 Hong Kong dollars)

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