Sino Ocean stake sold for HK$280m

Cosco International Holdings will book a HK$280 million unrealised gain from selling a stake in its property arm ahead of a spin-off.

The company sold a 13.2 per cent in Sino Ocean Real Estate Development, its property unit which plans to raise about US$400 million through an initial public offering this year, to an investor.

As a result, Cosco International's stake in Sino Ocean shrank to 30.8 per cent from 44 per cent.

The company did not identify the purchasers.

Shares in Cosco International fell 6.78 per cent yesterday, closing at HK$3.85.

Sino Ocean owns 16 properties with a combined gross floor area of 3.4 million square metres.