CHINESE billionaire Jiang Zhaobai will become the biggest shareholder of Hong Kong-listed Interchina Holdings Co Ltd after agreeing to pay HK$440 million (US$56.7 million) for a 17-percent stake.

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 major shareholder of the firm, Interchina said in a filing to the Hong Kong stock exchange.

Interchina is engaged in development of environmental protection and water treatment operation, property investment, securities and finance.

Jiang, ranked No.168 on the Chinese mainland in the 2012 Forbes China Rich List with personal wealth above 5 billion yuan, owns Shanghai-based Pengxin Group, a real estate developer.