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Shui On Land plans to list business arm
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Shanghai-based Shui On Land Limited, the flagship property arm of Shui On Group on the Chinese mainland, has announced a proposed spin-off and separate listing of its commercial investment properties, property management and asset management businesses, which will be operated under a standalone entity, Shui On Xintiandi.
SXTD has submitted an application for listing on the main board of the Hong Kong Stock Exchange.
Morgan Stanley and UBS have been appointed as the joint sponsors in the proposed spin-off, the company said in a press release on Monday.
“This proposed spin-off is a major step that we have taken after a rigorous review of various options to create value for our many stakeholders, including our shareholders and employees,” said Vincent Lo, chairman of Shui On Land.
“We intend to unlock the value of the group’s assets, to provide significant future growth opportunities for both Shui On Land and Shui On Xintiandi, and to enhance shareholder value over time,” he added.
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