Chinese Estates Holdings, a mid-tier developer controlled by Joseph Lau Luen-hung, is expected to inject eight mainland and Macau properties and development projects into Chi Cheung Investment, analysts said after shares in the companies were suspended yesterday.
The injection would transform Chi Cheung, which is majority-owned by Chinese Estates, from a property investment firm focused on Hong Kong into a developer taking on mainland and Macau projects.
Chinese Estates shares were at HK$11.44 and Chi Cheung's at HK$2.96 when trading in the stocks was suspended at 9.34am yesterday.
The suspension of Chinese Estates came pending an announcement in relation to a major transaction, the company said in a notice to the stock exchange.
Chi Cheung's trading was suspended pending an announcement in relation to a substantial acquisition, a disposal and a connected transaction, as well as the issue of new shares and convertible bonds of the firm.
The suspension announcements did not provide further details.
