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COSCO also acquired a Shanghai-listed company in 1997 as a vehicle of backdoor listing. It became COSCO Development, which engaged in real estate. The direct parent company of COSCO Development was sold in 2005, thus COSCO Development was no longer part of the COSCO Group. Also in 2005, COSCO Group acquired a company from COSCO Development. That company was the operator of Boao Forum for Asia.