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Vera Yuan
Vera Yuan
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Third Avenue Management Comments on Chong Hing Bank Ltd

July 23, 2014 | About:

The majority, 77%, of the Fund’s Chong Hing (HKSE:01111) Common position was accepted for tender by Yuexiu Financial Holdings, part of the Yue Xiu Group, a Chinese company. As discussed in the 2013 year end letter, Fund Management was very pleased with the price of this transaction (2.4 times book value, including a special dividend), particularly considering that the shares had been purchased below book value.

From Martin Whitman (Trades, Portfolio)'s 2Q 2014 Shareholder Letters.

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