April 2, 2018 / 2:06 PM / a year ago

COFCO Property plans to buy control of HK's Joy City for $2.4 billion

HONG KONG (Reuters) - Joy City Property Ltd (0207.HK) said on Monday COFCO Property Group Co Ltd (000031.SZ) would buy a controlling 64.18 percent stake in the company from Vibrant Oak Ltd for 14.76 billion yuan ($2.35 billion), as part of a reorganization of COFCO Corp.

COFCO Property will issue 2.14 billion shares to Vibrant Oak to settle the acquisition, the Hong Kong-listed real estate firm said in a filing to the Hong Kong stock exchange. Both COFCO Property and Vibrant Oak are units of COFCO Corp.

It gave no further details.

In January, the Shenzhen-listed company said it was planning a restructuring related to state-owned enterprise reform and cross-border transaction.

Reporting by Donny Kwok; Editing by David Evans

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below