COFCO sells property unit

COFCO Co, a leading State-owned grain trading firm, plans to sell a 100 percent stake in a Shanghai-based commercial property unit, according to information put up Monday on the website of China Beijing Equity Exchange.

The potential buyer will need to pay 344 million yuan ($55.7 million) for the unit, and also help the unit pay off its debt from COFCO worth 54.13 million yuan, according to the posted information.

The on-sale unit gained a net profit of 2.24 million yuan in the first half of 2014.