Cofco Land plans up to $500m placement

Cofco Land plans to fund its acquisition of $1.6 billion worth of properties with a share placement of up to $500 million and a loan, which are both expected early November.

Cofco Land plans up to $500m placement

Hong Kong-listed Cofco Land is planning to sell up to $500 million worth of shares to third-party investors to fund its $1.6 billion acquisition of properties from parent Cofco group, according to one source familiar with the matter. The remainder will be raised through a loan and Cofco Land will also issue shares to Cofco group.

BOCI, Goldman Sachs and HSBC the advisers for the asset injection will be handling the new share placement,...

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