The group suffered as a result of the 1997 Asian financial crisis; in 1999 a debt restructuring plan was agreed.

[2] The group received more assets from Guangdong Government as capital injection, most notably Dongshen Water Supply Project [zh],[3] an infrastructure that supply water from the upper stream of Dong River to Hong Kong via Shenzhen.

More specifically, listed subsidiary Guangdong Investment acquired 81% stake of Cayman Islands incorporated "GH Water Supply (Holdings) Limited" in December 1999, the parent company of Dongshen Water Supply Project from Guangdong Government in an all-share deal (increased from 38.90% at 31 December 1999 to 55.49% at 31 December 2000), plus the government paid Guangdong Investment US$20 million.

[8] On 10 December 1999 a new holding company for the group's overseas subsidiaries was incorporated in Hong Kong as GDH Limited (Chinese: 广东控股; lit.

The company was later renamed to Guangdong Holdings Limited (Chinese: 广东粤海控股; lit.