---
title: "The Monetary Authority of Hong Kong approves Acrophyte, owned by Tang Yigang, to acquire New Trust Management Company | Lianhe Zaobao"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278420230.md"
description: "Acrophyte Asset Management, controlled by wealthy businessman Tang Yigang, has obtained approval from the Financial Management Bureau to acquire 100% of the equity of ESR Group's New Daxin Trust Management Company, expected to be completed on March 17. The acquisition involves HKD 190 million, with Acrophyte reaching an agreement with ESR Trust Management on December 16, 2025. Tang Yigang and his affiliates hold approximately 35.7% of the equity in New Daxin Trust, while ESR Group holds about 10.8% of the equity"
datetime: "2026-03-09T16:02:17.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278420230.md)
  - [en](https://longbridge.com/en/news/278420230.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278420230.md)
---

# The Monetary Authority of Hong Kong approves Acrophyte, owned by Tang Yigang, to acquire New Trust Management Company | Lianhe Zaobao

Wealthy businessman Tang Yigang-controlled Acrophyte Asset Management has received approval from the Monetary Authority to acquire all shares of the management company of ESR Group's Suntec REIT.

The management company of Suntec REIT, ESR Trust Management (Suntec), submitted documents to the Singapore Exchange after the market closed on Monday (March 9), indicating that the acquisition is expected to be completed on March 17.

Previously, Acrophyte announced on December 16, 2025, that it had reached an agreement with ESR Trust Management to acquire all shares of ESR Trust Management (Suntec) for SGD 190 million.

At that time, the manager of Suntec REIT stated that Tang Yigang and his associates directly and indirectly held approximately 35.7% of the shares of Suntec REIT, while ESR Group held about 10.8% of the trust.

#### Further Reading

Wealthy businessman Tang Yigang acquires all interests in ESR's Suntec REIT management company

This acquisition of the management company follows Tang Yigang and his wife Chen Huaidan's unsuccessful attempt to acquire Suntec REIT in 2024. At that time, the couple made a conditional cash offer of SGD 1.16 per unit through their investment holding company Aelios.

The offer was triggered after Aelios purchased 62.5 million units in the market. This represented approximately 2.1% of the total units of the trust and increased Aelios's shareholding to 31.5%.

Before the announcement, Suntec REIT units fell 2.2% to SGD 1.33 on Monday

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