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Shares in Goldin Properties, the property arm of a Hong Kong horse breeding, wine and finance conglomerate, jumped nearly 10 per cent on Wednesday afternoon after chairman Pan Sutong put a price tag of HK$11.4bn ($1.5bn) on his privatisation proposal for the company.
Mr Pan, who owns 64 per cent of the company’s shares, made a cash offer of HK$9 a share, a 14 per cent premium to its $7.88 closing price on Monday before a trading halt issued yesterday morning.
Shares in Goldin Properties jumped as much as 9.5 per cent to HK$8.63 a share after the company resumed trading.
Mr Pan announced his intention to take the company private last Tuesday.
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.
Goldin Properties shares are currently trading at HK$8.36 a share, up 6.4 per cent. The benchmark Hang Seng index is up 0.1 per cant.