Cosco (Hong Kong) Group, through wholly owned Cosco (HK) Property Development, will make a general offer for listed Shun Shing Holdings after paying $150 million for a 31 per cent stake in the company.

The Hong Kong unit of the mainland's largest shipping firm, China Ocean Shipping Co, already owned 30 per cent of Shun Shing after buying the stake in December.

After the latest purchase, it will control 61 per cent of Shun Shing.

Under the Takeover Code, Cosco (Hong Kong), which owns listed Cosco Pacific, must launch a general offer for the rest of Shun Shing's shares.

Shun Shing is expected to become its property arm, as Cosco Pacific is engaged in ports and containers business.

'Besides its core business of shipping, Cosco (Hong Kong) will try its best to develop its on-shore business,' the company said.