GOLDEN Hill Land Development Co has appointed Andy Wang Xianchou chairman after he bought 34.45 per cent of the company's shares from previous chairman David Wong Wai-chi.
Mr Wong had bought a controlling stake in the property development company only in December 1993.
Golden Hill said there would be no general offer for the shares because Mr Wang's purchase was less than the 35 per cent threshold that made a general offer compulsory under takeover rules.
The Securities and Futures Commission said it would inquire into the share sale.
Mr Wang paid $161.5 million, or 65 cents a share, an 86 per cent premium to the closing price of 35 cents on Thursday.
The deal caused Golden Hill's share price to soar 13.5 per cent at one stage yesterday but it closed slightly down as the general stock market took a bit of a hammering.