(Yicai) April 17 -- Binjiang Real Estate Group today refuted a rumor about a state-owned enterprise planning to take control of Hangzhou's largest private property developer.

Market insiders began speculating about a possible acquisition after Chairman Qi Jinxing stepped down as the legal representative of Binjiang and an investment unit of the group, China Real Estate Business reported today. The major Chinese property developer said to the newspaper that it changed its legal representative to conform to the company’s strategy of adding more young staff. Qi still remains the actual controller of the two companies, it added.

The chairman said earlier that the group’s sales target for this year is over CNY100 billion (USD13.8 billion) to rank as one of China's 15 biggest property developers. This year, the firm has spent CNY18.8 billion (USD2.6 billion) to buy land use rights for seven plots in its eastern home city.

Shares of Binjiang [SHE: 002244] closed 1.3 percent lower at CNY6.31 (90 US cents) in Shenzhen today after rising by 6 percent intraday yesterday following the acquisition rumor.

Editor: Emmi Laine