19 April 2019

Glorious Property considers privatization, HKEJ says

Mainland developer Glorious Property Holdings Ltd. (00845.HK) suspended shares from trading on Monday, citing a possible move to go private after just four years on the exchange, the Hong Kong Economic Journal reported Tuesday. Controlling shareholder Zhang Zhirong, who owns 68.39 percent of the company, would need about HK$3 billion (US$386.95 million) to complete the privatization, according to sources from Credit Suisse. As of the end of September, the developer has 15.75 million square meters of land in reserve, mainly in Shanghai, Beijing, Tianjin and Nantong, the report said.

– Contact HKEJ at [email protected]



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