China Securities Regulatory Commission (CSRC) has approved COFCO Property’s buy back of a controlling 64.18 percent stake in Hong Kong–listed commercial real estate developer Joy City Property for RMB 14.76 billion ($2.15 billion).
The CSRC’s approval allows the residential property division of Beijing-based COFCO, the largest food processor and manufacturer in China, to move forward on a proposal made in March to transfer ownership of the Hong Kong–listed shares in Joy City held by a wholly-owned Hong Kong–registered unit of COFCO Property in return for 2.14 billion shares in the Shenzhen-listed unit.
COFCO Property’s acquisition is part of the parent company’s restructuring
