Feb. 8, 2010 (China Knowledge) - A real estate subsidiary of COFCO Ltd, the largest oil and food producer in China, on Jan. 29 inked an agreement with a subsidiary of Shanghai Xinmei Real Estate Co Ltd<600732> to purchase RMB 1.35 billion worth of properties in Shanghai.

COFCO's subsidiary agreed to pay a security deposit of RMB 260 million within ten working days of Jan. 29.

The properties, in a mixed-use real estate project in the northern area of the city's central district, will have a floor area of 64,672 square meters. 

The project will cover a land area of 86,000 sq m and will have a floor area of around 300,000 sq m. The project will include five-star hotel, an office building, stores and apartments.

COFCO is the parent of Shanghai-listed COFCO Property (Group) Co Ltd<000031>.