Cofco to inject properties into Hong Kong-listed Parkview

The $1.8 billion transaction will complete a reverse takeover that was initiated more than a year ago. A $600 million placement is planned to fund future operations and maintain the free-float at 25%.

Cofco to inject properties into Hong Kong-listed Parkview
Cofco Land is a wholly owned subsidiary of Achieve Bloom, which became the controlling shareholder of Parkview in July 2012. They are both part of Cofco Corp, a Chinese state-owned enterprise.

Hong Kong Parkview Group said on Tuesday it would buy 12 property projects from Cofco Land at a total cost of HK$14.167 billion $1.8 billion. The transaction will transform the Hong Kong-listed company from a small-scale property investor that holds one single floor in an office property in the Central district into a sizeable owner of mixed-use and commercial properties in China.

Cofco Land is a wholly owned subsidiary of Achieve Bloom, which...

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