JEWELLERY maker Rhine Holdings is to pay its biggest shareholder $78.8 million to buy a 66.5 per cent stake in a loan incurred on a Shanghai property development project. Rhine said last night it agreed to acquire Liheng Investment (Shanghai), whose sole asset was a 66.5 per cent stake in Shanghai Lai-xing Real Estate Development, which was to build a 27-storey commercial building in the Luwan district of Shanghai. David Chui Fat-chuen, who holds 56 per cent of Rhine, is the seller.