(Yicai Global) Feb.28 -- Guangzhou Yuetai Group Co. plans to acquire 3800 acres of Bihai Yinhu project in Jiangmen, the southeastern Guangdong province, which originally belonged to Hong Kong property tycoon Li Ka-shing, the company said in a suspension notice on major asset restructuring.
Guangzhou Yuetai Holdings Group Co., the controlling shareholder of Guangzhou Yuetai Group, had raised funds for the project as early as 2016. The suspension notice of Guangzhou Yuetai Group also indicates that Li Ka-shing has offloaded yet another real estate project in the Chinese mainland.
Guangzhou Yuetai Group plans to issue shares to related parties and third parties for the acquisition of 100 percent stake in Jiangmen Bihai Yinhu Real Estate Co., which was originally a commercial real estate project under Li Ka-Shing's Hutchison Whampoa Ltd., the company said on Feb. 26.
Li Ka-shing took control of the 3800 acres of land in Yamen county, Xinhui district of Jiangmen city, as early as 2007. The area was intended for an integrated commercial real estate project with yacht clubs, polo, shopping malls, entertainment, and high-end residential areas.