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Langi Chiang

Cofco Land Holdings, the commercial property arm of mainland state conglomerate Cofco Corp, announced on Tuesday it would issue US$800 million (HK$6.24 billion) bond to finance its HK$12.5 billion asset acquisition from the parent firm.
The company has started a slew of fundraising activities to finance its cash purchase of six mixed-use real estate projects branded as Joy City in Beijing, Shanghai, Shenyang, Tianjin and Yantai. It has earlier announced a plan to issue 6.3 billion new shares, with the exact price yet to be decided.
In a statement on the Hong Kong stock exchange, Cofco Land Holdings said the bond will carry a keepwell deed and a deed of undertaking supported by the parent company.
Global investment banks including goldman Sachs, BOCI Asia, HSBC, DBS, JP Morgan, ANZ, Bank of Communications, ICBC (Asia) and Wing Lung Bank will be joint lead managers and book runners for the five-year 3.625 per cent bond, it added.


Cofco Land Holdings to issue bond to finance asset acquisition from parent firm

Zhou Zheng, chairman of COFCO Land Holdings, gestures in his office. The company said it would issue a HK$6.24 billion bond to finance acquisitions from its parent. Photo: Simon Song

Cofco Land in talks to buy malls from parent

Joy City in Shanghai is one of six on the mainland. Photo: SCMP Pictures

Zhou Zheng, the chairman of Cofco Land Holdings, says the company will have to raise funds to finance the asset injection. Photo: Simon Song

Ownership reform will allow Cofco Land to become a global firm, chairman says

Zhou Zheng says Cofco Land hopes to attract investment from real estate funds and commercial developers in the private sector. Photo: Simon Song

New | Cofco Land Holdings to issue bond to finance asset acquisition from parent firm