Why Hopewell is going private as HK property flags

Gordon Wu is taking the Hong Kong property firm private for $2.7 billion, or a 47% premium to its traded price. Thomas Jefferson Wu is not joining his octogenarian dad's consortium.

Hong Kong's property market may be wobbling but some local property magnates appear hot to trot to back themselves against the souring sentiment, notably Gordon Wu, who is now looking to lead the biggest listed property company privatisation ever seen in the city.  

As chairman of Hopewell Holdings, Gordon heads a family consortium that late on Wednesday offered to take the property and infrastructure group private for HK$21.26 billion $2.7 billion.

According to a stock market filing, the consortium is offering to buy the 60%-plus stake it does not already own at HK$38.8 per share....

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