Home / Business

COFCO eyes funds for new projects

By Zhong Nan | China Daily | Updated: 2016-03-09 08:00

COFCO Property (Group) Co Ltd plans to raise up to 5 billion yuan ($768 million) in a private placement of shares to fund new projects and to repay debt.

Breaking down the detail, the subsidiary of State-owned China National Cereals, Oils and Foodstuffs Corp will use half the money raised on new housing developments in major cities, and officials said it is already eyeing several high-end sites in Beijing, Shenzhen in Guangdong province and Yantai in Shandong province.

The Shenzhen-based property developer will spend 1.07 billion yuan on a 49 percent stake in Beijing-based COFCO Property Investment Co, and 400 million yuan on taking 100 percent control of COFCO Yantai Borui Real Estate Developmet Co, two of its subsidiaries.

COFCO eyes funds for new projects

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349