Shareholder COSCO sells stake in one of Beijing’s largest property development companies
Hong Kong, January 24, 2011 – Morrison & Foerster represented BOCI Asia Limited and UBS AG as placing agents in the US$684 million placing of shares of Hong Kong-listed Sino-Ocean Land Holdings Limited ("Sino-Ocean") by its shareholder COSCO International Holdings Limited ("COSCO"). COSCO sold its entire stake of 949,937,399 shares in Sino-Ocean as part of the company's plan to divest its non-core investments.
Sino-Ocean Land Holdings Limited currently ranks as one of the 10 largest publicly-listed property companies in Hong Kong and Beijing.
The transaction team was led by Hong Kong partner Charles Chau.