Evergrande Backer’s Privatization Collapses as Investors Revolt

(Bloomberg) — Minority shareholders of billionaire Joseph Lau’s Chinese Estates Holdings Ltd. failed to give enough backing to the company’s proposed privatization, derailing a plan by the long-time ally of China Evergrande Group to delist its shares next month in Hong Kong.

Among 74 stockholders participating, 64 voted no, making up 10.8% of the shares among the investors, according to a stock exchange filing Friday.