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A unit controlled by Huang Guangyu, Chinese mainland's richest man, has gained approval from the nation's stock regulator to buy control of a Beijing developer, despite media reports implicating in loan misconduct.

Beijing Pengtai Investment Co, owned by Huang and his Gome Electrical Appliances Holding Ltd, will pay 144 million yuan (US$18.2 million) for a 27.51 percent stake in Shenzhen-listed Beijing Centergate Technologies Holding Co, developer of Zhongguancun, the so-called Chinese Silicon Valley, according to exchange filing yesterday.

The purchase of the stake, which is now owned by government-backed Beijing Urban Construction Corp, will boost Pengtai's interest in Centergate to 29.58 percent, making it the firm's biggest shareholder, the statement said.

Pengtai's move was part of a broad program by Centergate to revamp its share structure and shift business focus. After the stake transfer, Centergate will divest most of its non-property businesses, including a 0.99 percent stake in China Everbright Bank.

Pengtai will fund the stock purchase with a 155 million yuan loan from Huang's privately held investment firm China Eagle, which owns 80 percent of Pengtai. Gome holds the remainder.

Centergate posted a net profit of 2.46 million yuan in the third quarter of the year, compared with a loss of 77.64 million yuan a year before.

Its shares closed up 2.22 percent yesterday at 4.60 yuan, bringing its gain this year to 90.9 percent, compared with a 63.1 percent increase in the benchmark Shenzhen Composite Index.

Huang early this month ranked first in this year's Forbes Magazine mainland rich list, with personal wealth of 18 billion yuan.

Caijing magazine reported late last month that Huang and his brother were being investigated for illegally receiving 1.3 billion yuan in loans from the Bank of China more than a decade ago.

Huang and Gome later denied they owed the bank any money.

(For more biz stories, please visit Industry Updates)