CHINESE billionaire Jiang Zhaobai has agreed to pay HK$440 million (US$56.7 million) for a 17-percent stake in Interchina Holdings Co Ltd,a deal that will make him the largest shareholder of the Hong Kong-listed company.
Jiang, chairman and executive director of Interchina, will boost his stake from 11.66 percent to 28.66 percent after acquiring 1.033 billion shares from Chu Yuet Wah, another substantial shareholder of the company, Interchina said in a latest filing to the Hong Kong stock exchange.
Interchina is mainly engaged in development of environmental protection and water treatment operations, property investment, securities and financial operations.
Jiang, who was ranked No. 168 on the Chinese mainland in the 2012 Forbes China Rich List with personal wealth of more than 5 billion yuan, owns Pengxin Group, a Shanghai-based real estate developer whose operations also cover agribusiness, mining, infrastructure construction and investment.