Chinese Estates Plunges by Record After Privatization Collapses
- Shareholders rejected offer by long-time ally of Evergrande
- Hong Kong firm has been reducing its stake in Evergrande
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Chinese Estates Holdings Ltd. shares tumbled by a record after the company failed to get sufficient shareholder support to go private.
The property firm, a long-time ally of China Evergrande Group, plunged as much as 35% to HK$2.45 in Hong Kong trading on Monday morning. On Friday, minority shareholders rejected its plan to be bought out at HK$4 a share.