HONG KONG, Oct. 10 (AP) -- Shanghai Land Holdings Ltd., the company that was at the center of a scandal that brought down a Chinese property tycoon and the head of Bank of China's Hong Kong branch, said its shares will be delisted from the Hong Kong stock market at the close of business Monday.

"The company is considered no longer to have a sufficient level of operations or sufficient assets to warrant the continued listing of its shares," Shanghai Land said in a legal notice dated Friday.

The delisting will follow the liquidation of most of the company's assets to settle the disputes arising from its collapse. Shanghai Land said it paid HK$1.12 billion (US$144 million; euro119 million) in cash, representing "a major part of its assets," to shareholders at the end of the September.

Zhou Zhengyi, a Shanghai property tycoon who is known as Chau Ching-ngai in Hong Kong, gained control of Shanghai Land in 2002 using a questionable loan from BOC Hong Kong (Holdings) Ltd., the Hong Kong arm of state-owned Bank of China.

Zhou was sentenced to three years in prison in Shanghai last year for fraud and stock manipulation.

He defaulted on the Bank of China loan, leaving BOC Hong Kong with his 75 percent stake in Shanghai Land. The bank's chief executive at the time, Liu Jinbao, was dismissed for approving the HK$1.77 billion (US$228 million; euro188 million) loan and has since gone on trial in China for corruption.

Trading in Shanghai Land's shares has been suspended since June 2, 2003. Shanghai Land, BOC Hong Kong, and Zhou and his wife, Mo Yuk-ping, agreed in July to wind up the company and settle several outstanding lawsuits.

Mo is currently on trial in Hong Kong for allegedly manipulating Shanghai Land shares and allegedly hindering an investigation into her trading activity.