HOPSON Development Holdings Ltd has agreed to pay HK$6 billion (US$768 million) to buy a property project from its chairman and controlling shareholder, Chinese billionaire Zhu Mengyi.

Hopson will pay HK$2 billion in cash and issue HK$4 billion in new shares to Zhu, also known as Chu Mang-yee, for 80 percent of Believe Best Investments Ltd, Hopson said in a statement to Hong Kong's stock exchange. Believe Best holds a 200,000 square-meter residential project in Beijing, Hopson said.

Chu's shareholding in Hopson will increase to 59.08 percent from 53.29 percent after the transaction, the company said.

Hopson's shares have risen eight percent this year, lagging the benchmark Hang Seng Index's 10 percent gain, Bloomberg News reported.

PICC Property and Casualty Co Insurer bulks up life sector

PICC Property and Casualty Co, China's largest non-life insurer, said it will inject 812 million yuan (US$106.5 million) worth of capital into its sister insurance unit, PICC Life.

The investment will allow PICC Property and Casualty to earn long-term income from China's growing life insurance market and benefit from the cross-selling of property and life insurance products, the company said in a statement.

PICC Life has one billion yuan in registered capital, the property and casualty insurer said in a statement to the Hong Kong stock exchange, Bloomberg News reported.