Cosco given green light

China's securities watchdog has approved a plan for an asset injection by red chip Cosco Pacific.

The deal involves it buying from the parent - Cosco (Hong Kong) Group - ports and toll-roads, a source said.

Company vice-chairman Zhang Dachun said preparation work for the asset injections was progressing.

'We are conducting auditing works on some assets, but no timetable has been made yet,' he said at the opening of its parent's Cosco Hotel in Kennedy Town.

He said there were no plans to inject the hotel into its two listed arms - Cosco Pacific and Cosco International.