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Goldin Properties, the property arm of a Hong Kong horse breeding, wine and finance conglomerate, surged on Tuesday after it said its chairman plans to take the company private.
Goldin Properties said in a filing to the Hong Kong stock exchange its chairman Pan Sutong, who owns 64 per cent of the company’s shares, has proposed privatising the company through a cash offer for the shares he does not already own. The statement did not give price details.
Stock in the company jumped as much as 21.6 per cent during morning trade before paring gains to a rise of 6.5 per cent. The stock is currently trading at HK$7.01 a share.
The property company is focused on high-end commercial and residential projects in mainland China, including a mega-project in the city of Tianjin. It opened a polo club in the Beijing-adjacent port city in 2010 that has since imported the Swiss game of snow polo to the coastal metropolis.
Goldin Properties and Goldin Financial are both Hong Kong-listed business units of the Goldin Group, of which Mr Pan is also chairman.
The group owns a winery in the Napa Valley alongside three chateaux in the Bordeaux region – as well as what it claims are two of the world’s largest wine cellars in Guangzhou and Tianjin.
The group also bought a 1257.5-acre stud farm in South Australia in 2013. It describes Goldin Farms as “an ideal equine environment for breeding and training” that is home to the stallion Akeed Mofeed, 2013 champion of both the Hong Kong Derby and Hong Kong Cup.