COFCO Commercial Property Investment to launch dual listing
Nov. 18, 2009 (China Knowledge) - COFCO Commercial Property Investment Co Ltd, a subsidiary of state-owned COFCO Corp, a leading grain, oil and foodstuff import and export group in China, plans to list in Shanghai and Hong Kong, said COFCO Corp's chairman, Ning Gaoning, on Monday, sources reported.
Ning did not disclose any specific plans for the subsidiary's initial public offering.
COFCO Commercial Property Investment principally develops commercial real estate projects, most of which are named "Joy City." COFCO Property (Group) Co Ltd<000031>, another property subsidiary of COFCO, is mainly engaged in residential, industrial and tourism real estate development.
COFCO Commercial Property Investment will spend a total of RMB 70 billion building more than 20 Joy City property projects in China, including one in Chengdu, one in Shenyang, two in Tianjin and three in Beijing, China Knowledge reported earlier.
Reportedly, CPMC Holdings Ltd<0906>, a beverage, food and daily health products producer belonging to COFCO Corp, on Monday surged 13.36% above its IPO price of HK$5.39 to HK$6.11 on the first trading day. It raised HK$1.08 billion by issuing 200 million new shares.