Southdown Project, page-31

So Rocket973 is THIS taken from the GRR corporate website? or did you hear this from somewhere else? Mr Honglin wouldn't be the right man for the job IMO. His handling of the property investment shareholder concerns was woeful. Here's what the spokeperson from GRR said.....from https://www.copyright link/business...rsify-into-luxury-real-estate-20180311-h0xc1p

Many frustrated minority shareholders believe Grange is run like a subsidiary of its major shareholder, Chinese steel mill Shagang, which owns 46.76 per cent of the company according to Bloomberg.

Shagang has previously been deemed an associate of Grange's second and fourth biggest shareholders and, combined, the three companies control 58.43 per cent of Grange.
Under ASX and ASIC rules, Grange does not need shareholder approval before starting the new venture, and the company said there was no plan to offer shareholders a vote on the property scheme at this year's annual meeting.

"We have checked with the listing rules and within our constitution as well, and pre-approval by shareholders is not required at this time," said the Grange spokesman. "We think the concerned shareholders need to put this into perspective, and to be patient and give the management team and our board time to demonstrate what we think is the right decision and the right strategy for the company."

China operates in a communist dictatorship that has embraced some of what capitalism offers and dictators can achieve incredible things. But shareholders deserve better - I've been patient for many years now. In September next year when the Melbourne apartments are sold it will be quite simple to determine if the management team and board have demonstrated the right decision and strategy. If it is the right decision I'll congratulate them and trust restored but if not I expect Mr Honglin to do the right thing.

Southdown anyway would be different with GRR saying they'd be happy with taking 30% stake, so I can't see why any JV partner would have Honglin in charge.