Cosco Pacific, the majority owned terminal operating arm of China Cosco Holdings, sold almost 60% of its container stockpile Wednesday for more than US$870 million, freeing capital for its international terminal investment arm, the South China Morning Post reported. But the deal will also cut the revenue potential of a core earnings vehicle for the company. Just over US$343 million from the proceeds would be used to pay debt, US$111.8 million would go against taxes and US$100 million to replenish container stocks, company secretary Zhang Yongjian said in a statement to the exchange. The 600,468 20-foot containers have been sold to a specifically constructed German fund under a sale-and-lease-back arrangement from which Cosco will continue to receive a management fee.