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Mainland developer Hopson Development Holdings will pay $768 million for an 80 percent stake in a Beijing-based residential redevelopment project owned by the firm's controlling shareholder. The project is a 200,000-square-meter site in the city's Chaoyang district, the company said in a statement.

The project is owned by chairman Chu Mang-yee, and the deal will boost his stake in Hopson to 59.08 percent from 53.29 percent. Hopson, which has projects in Shanghai, Beijing, Guangzhou and Tianjin, plans to finance the HK$6 billion deal with HK$2 billion in cash, and issue HK$4 billion in shares to Chu.