Shimao Property Holdings Ltd. said March 30 that it plans to change the name of the company to Shimao Group Holdings Ltd.

The Hong Kong-based property developer's Chinese name will also change.

The company said the name change will better reflect its expanded business scope, as well as better promote the corporate image and the future business development of the group.

The name change is subject to approval from the company's shareholders and the Registrar of Companies in the Cayman Islands.

In addition, subject to the confirmation from the Stock Exchange of Hong Kong, the English and Chinese stock short names for trading in the shares of the company on the city's bourse will also be changed after the change of company name has become effective.

Mc Dowell Ramintas contributed to this article.