Cofco to inject properties into Hong Kong-listed Parkview

Hong Kong Parkview Group said on Tuesday it would buy 12 property projects from Cofco Land at a total cost of HK$14.167 billion $1.8 billion. The transaction will transform the Hong Kong-listed company from a small-scale property investor that holds one single floor in an office property in the Central district into a sizeable owner of mixed-use and commercial properties in China.

Cofco Land is a wholly owned subsidiary of Achieve Bloom, which became the controlling shareholder of Parkview in July 2012. They are both part of Cofco Corp, a Chinese state-owned enterprise that focuses primarily on food and agricultural products but is also one of just 16...