Business

Historic Evergrande shareholder plans to delist

Beijing, Oct 7 (EFE/EPA).- The shares of Chinese Estates, an investment company specializing in properties and major shareholder of indebted Chinese real estate giant Evergrande, soared Thursday after announcing an offer that would delist it from the Hong Kong Stock Exchange.At 1:00 p.m. local time (05:00 GMT), each Chinese Estates stock had risen by almost 32 percent. Since the beginning of the year, the value of Evergrande securities listed in Hong Kong has fallen almost 80 percent due to its problems to face the more than $ 300 billion of debt it accumulates and its possible interest default of various 'offshore' bond packages. This will not be made official until 30 days from the expiration date.The group's shares stopped listing Monday due to possible plans, revealed by the official Chinese press of the Cantonese developer Hopson Development to buy 51 percent of the real estate management subsidiary of Evergrande for about $ 5.14 billion.Monday’s revelation of Evergrande’s situation possibly affecting other important players in China’s real estate market led developers such as Fantasia Holdings to announce it had not been able to meet $ 205.7 million payments of some bonds that matured that day. (Camera: ROMAN PILIPEY). SHOT LIST: A SIGN OF FANTASIA HOLDINGS GROUP PROPERTY DEVELOPER, IN BEIJING, CHINA.