CyberCity Holdings has teamed up with Singapore-listed conglomerate Fraser & Neave (F&N) and Ascendas International to take over Hing Kong Holdings.
The three companies, through joint venture Vision Century, agreed to buy from China Travel International Investment Hong Kong a 23.34 per cent stake in Hing Kong for HK$389.28 million cash.
Hing Kong shares jumped 6.59 per cent to 97 HK cents following the news.
Hing Kong said Vision Century was 40 per cent owned by CCH and 30 per cent by F&N.
The remaining 30 per cent is controlled by Singapore-incorporated Ascendas, owned by JTC International.
CyberCity, founded by Simon Jiang Xiaoming, has 36 shareholders. Mr Jiang has a 17.5 per cent stake in CyberCity. Temasek Holdings, the Singapore Government's investment arm, has a 13.3 per cent stake through its wholly owned subsidiary, T.H. eVenture.