THE blue seas, blue skies and golden sands of Bermuda - together with a lot of other more hard-nosed attractions - have lured Giordano, the creation of Jimmy Lai Chee-ying, a constant heckler of Beijing. Like hundreds of other Hong Kong companies, the Giordano chain of basic fashion shops is moving its domicile to the island tax haven, it was revealed last night. The group has filed proposals with the Stock Exchange of Hong Kong which will recommend to shareholders that they support a move for a group reorganisation. This would result in the company becoming a wholly owned subsidiary of a Bermuda-incorporated holding company called Giordano International. If shareholders agree, they will receive a one-for-one share swap with the new group. The old shares would be cancelled, and the new company would be listed on the Hong Kong Stock Exchange, official permission permitting. Given the highly public confrontations Mr Lai has had with China, the move is hardly a surprise, but there is no mention of any acrimony behind the proposal in the bare bones of the announcement. 'The board of the company believes the proposed reorganisation will enhance the international standing of the company and its subsidiaries and provide greater flexibility in managing business expansion world-wide. The head office of the group will continue to be based in Hong Kong,' said executive director Jimmy Chan Kui-tim. The move is certain to spark comment that Mr Lai is looking at the future of Giordano with a close eye on 1997, and the Chinese takeover of Hong Kong. Mr Lai has had a tempestuous relationship with Beijing, principally because of comments published in his Next magazine. This has no connection with the clothing chain but, after the closure of its Beijing outlet last year following criticism in Next magazine of Chinese Premier Li Peng, he stepped down as chairman. However, he remains in control of about 37 per cent of Giordano shares. Whether he votes them in favour of the proposed decamping to Bermuda remains to be seen. Last year, he said he would not exercise his powerful voting rights until 'further notice'. Instead, it was provisionally proposed in October that he would hand over his rights to other directors, on the basis that the Securities and Futures Commission did not demand that the recipients make a general offer. This proposal was withdrawn, but had been seen as a way of distancing Mr Lai from the Giordano business.