China Aoyuan Group's (HKG:3883) substantial shareholder, Ace Rise Profits, agreed to transfer 621,728,877 ordinary shares it holds in the company to Multi Gold, a Tuesday bourse filing said.

Following the transfer, Ace Rise Profits and Multi Gold will hold 502,232,123 and 621,728,877 shares, respectively in the firm, representing around 13.31% and 16.48% of its issued share capital.

Guo Zi Wen, who is interested in the entire issued share capital of Ace Rise Profits, will subsequently hold 617,956,686, or 16.38% of the company's shares.

Multi Gold will also become the single largest shareholder of the company, replacing Guo.

In line with the transaction, Multi Gold owner Mohamed Obaid Ghulam Badakkan Alobeidli has been appointed as chairman, succeeding Guo, as well as a non-executive director.

Guo has also been re-designated from an executive director to a non-executive director.

Shares of property developer China Aoyuan Group closed nearly 2% lower on Tuesday.

Price (HKD): $0.27, Change: $-0.0050, Percent Change: -1.85%