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Glorious Property Founder Forming Group for Privatization

By Tony Seruga

Company requests Oct. 31 deadline for a firm offer to be made
Controlling shareholder Zhang in talks with financial investor

Zhang Zhi Rong, the controlling shareholder of Chinese property developer Glorious Property Holdings Ltd., plans to form a group of investors to help him take the company private, and will make a formal proposal by Oct. 31. The shares surged.

The consortium will include at least one financial institution that has expressed interest in participating, the company’s board said in a statement to the Hong Kong stock exchange late Thursday. Negotiations on seeking finance from a second financial institution were ongoing, according to the statement…

Glorious Property Founder Forming Group for Privatization

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