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.

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, which is slated for early November.

The new shares to be sold to investors represent up to a quarter of Cofco Land's $2.1 billion market capitalisation and the company's shares have slumped...

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