He offered to pay minority shareholders HK $ 1.91 billion ($ 245 million) for their 25% stake and privatize the company. The offer represented a premium of around 83% over the stock’s closing price on September 28, the last full day before it was suspended from trading.
Privatization can give a company more flexibility to think long term and achieve its strategic goals, rather than being swayed by short term market expectations. Shares of Chinese Estates Holdings climbed 32% Thursday in Hong Kong as trading resumed after the offer was announced. They had been suspended since the morning of September 29.
The Evergrande debt crisis has destabilized global investors in recent weeks, raising concerns about a potential domino effect on the wider Chinese economy and financial markets. Earlier this week, another Chinese developer Fantasia Holdings defaulted on its debt as smaller players grapple with rising bond yields, funding dries up and home buyers become more cautious.
Stress in China’s real estate sector has increased since August 2020, when Beijing curbed excessive developer borrowing to prevent the market from overheating.
Earlier this year, the Chinese government made it clear it would prioritize “common prosperity” in its policy goals and tame runaway house prices, which it accused of worsening income inequality. and threatened economic and social stability.
Evergrande’s liquidity crisis has worsened in recent months. The company warned investors of its cash flow crisis in September, saying it could default if it wasn’t able to raise funds quickly. In the past few weeks, he has missed at least two bond interest payments.
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