HONG KONG: Chinese property tycoon Yang Huiyan is seeking to raise about US$650mil (RM2.8bil) by cutting her stake in Country Garden Services Holdings Co.
The billionaire’s investment vehicle is offering shares in Country Garden Services at a fixed price of HK$21.33 (RM12.06) apiece, according to terms for the deal obtained by Bloomberg.
The offer price represents a 10.9% discount to its closing price last Friday in Hong Kong.
Yang is co-chairman of Country Garden Holdings Co, the Chinese developer founded by her father, and chairman of its property management spinoff Country Garden Services.
The 41-year-old has an estimated net worth of US$11.2bil (RM49.3bil), according to the Bloomberg Billionaires Index.
She’s seeking to take advantage of a rally in Country Garden Services over the past week.
Shares of the company are still down 49% in Hong Kong trading this year, giving it a market value of HK$80.8bil (US$10.4bil or RM46bil).
Yang’s holding company has agreed not to sell any further shares in Country Garden Services for 90 days after the transaction. — Bloomberg
