(Yicai Global) Aug. 31 -- Chinese property developer Country Garden Holdings Co. [HKG:2007] has acquired the Jiuhua Resort & Convention Center in Beijing from investment firm Jiuhua Group Beijing Stocking Co., The Beijing News quoted Country Garden insiders in the city as saying.

The real estate developed has tagged its name onto the building, renaming it Country Garden - Jiuhua Resort & Convention Center. However, full details are unavailable as specific plans have not been finalized, Beijing Business Today reported on Aug. 31.

Preliminary plans show Country Garden will developer the center into property for the aged, people familiar with the company said.

Reports surfaced in April that the developer would acquire Jiuhua Group assets but there was no confirmation from Country Garden.

Jiuhua Group has a large number of subsidiaries covering hotels, exhibitions, construction and other industries. The Jiuhua Resort & Convention Center, located in the Chinese capital's Changping District, covers a land area of more than 329 acres and is a well-known garden style resort in the city.