Glorious Property shares tumble after owner's takeover offer rejected
HONG KONG Jan 20 (Reuters) - Glorious Property shares tumbled more than 25 percent on Monday after shareholders rejected a bid by its billionaire owner to take the company private for HK$4.57 billion.
Glorious Property Holdings Ltd shares were down 25.2 percent at 0132 GMT in Hong Kong, their lowest since mid-October after the company said in an exchange statement that 62 of 120 shareholders voted against Zhang Zhirong's proposal.
Zhang's proposal was seen as an effort to save the struggling China Rongsheng Heavy Industries Group Holdings Ltd that he founded and is now laden with debt. (Reporting by Clement Tan and Yimou Lee; Editing by Stephen Coates)
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