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Shui On plans listing of Xintiandi arm
By Cherry Cao |
May 30, 2012, Wednesday
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Print Edition
Print Edition
SHUI On Land Ltd, best known for its Xintiandi series of projects in Chinese cities, plans a spinoff and separate listing of its Xintiandi complex unit on the main board of the Hong Kong stock exchange as the developer seeks funding to expand its business.
A proposal to spin off China Xintiandi Co Ltd, a wholly-owned subsidiary of the company, has been submitted, Shui On Land, controlled by Hong Kong billionaire Vincent Lo, said in a statement to the exchange.
Positioned to be the premier commercial property unit of the Shui On Group, China Xintiandi will focus mainly on managing, designing, leasing, marketing, enhancing and redeveloping premium retail, office, entertainment and hotel properties in affluent urban areas on the Chinese mainland, the statement said.
As the proposed spinoff is still subject to the stock exchange's approval, the company didn't release more details like how much it plans to raise and when the listing will be completed.
Proceeds from the listing will be used to fund China Xintiandi's acquisitions and investments in commercial projects, the developer said.
Since the opening of its first Xintiandi project in 2001, an upmarket shopping, dining and entertainment area in downtown Shanghai, the developer has opened Xintiandi projects in Hangzhou, Chongqing, Wuhan and Foshan.
A proposal to spin off China Xintiandi Co Ltd, a wholly-owned subsidiary of the company, has been submitted, Shui On Land, controlled by Hong Kong billionaire Vincent Lo, said in a statement to the exchange.
Positioned to be the premier commercial property unit of the Shui On Group, China Xintiandi will focus mainly on managing, designing, leasing, marketing, enhancing and redeveloping premium retail, office, entertainment and hotel properties in affluent urban areas on the Chinese mainland, the statement said.
As the proposed spinoff is still subject to the stock exchange's approval, the company didn't release more details like how much it plans to raise and when the listing will be completed.
Proceeds from the listing will be used to fund China Xintiandi's acquisitions and investments in commercial projects, the developer said.
Since the opening of its first Xintiandi project in 2001, an upmarket shopping, dining and entertainment area in downtown Shanghai, the developer has opened Xintiandi projects in Hangzhou, Chongqing, Wuhan and Foshan.
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