April 2, 2018 / 2:09 PM / 6 months ago

COFCO Property plans to buy control of HK's Joy City for $2.4 billion

HONG KONG (Reuters) - Joy City Property Ltd (0207.HK) said on Monday COFCO Property Group Co Ltd (000031.SZ) would buy a controlling 64.18 percent stake in the company from Vibrant Oak Ltd for 14.76 billion yuan ($2.35 billion), as part of a reorganization of COFCO Corp.

COFCO Property will issue 2.14 billion shares to Vibrant Oak to settle the acquisition, the Hong Kong-listed real estate firm said in a filing to the Hong Kong stock exchange. Both COFCO Property and Vibrant Oak are units of COFCO Corp.

It gave no further details.

In January, the Shenzhen-listed company said it was planning a restructuring related to state-owned enterprise reform and cross-border transaction.

Reporting by Donny Kwok; Editing by David Evans

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