Oct. 15, 2009 - COFCO Property (Group) Co. Ltd., a real estate subsidiary of state-owned COFCO Group, a food giant in China, on Tuesday won the bid for a piece of land in Nanjing, Jiangsu Province for RMB 235 million, sources reported.

The residential property parcel, which covers a land area of 43,900 square meters, will have a floor area ratio exceeding 1.7, and landscaped areas will cover more than 35% of the development.

The Shenzhen-listed firm invested RMB 181 million in exchange for 112 million shares of China Merchants Securities, which intends to enter the capital market in the near future.

According to China Knowledge's earlier report, COFCO Property plans to issue three shares for each 10 existing shares for up to RMB 6.5 per share or RMB 3.5 billion at most, RMB 2.4 billion of which will be used to buy stakes in five property firms belonging to COFCO Group and RMB 1.13 billion of which will be used to develop two property projects.