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Shui On plans separate listing of China Xintiandi
By Cherry Cao |
May 29, 2012, Tuesday
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Online Edition
Online Edition
SHUI On Land Ltd, the developer controlled by Hong Kong billionaire Vincent Lo, plans a spinoff and separate listing of its Xintiandi complex unit on the main board of the Hong Kong stock exchange as its seeks funding for further business expansions.
A proposal to spin off China Xintiandi Co Ltd, a wholly owned subsidiary of the company, has been submitted, Shui On Land said in a statement to the exchange late on Monday.
Positioned to be the premier commercial property unit of Shui On Group, China Xintiandi will focus mainly on managing, designing, leasing, marketing and redeveloping premium retail, office, entertainment and hotel properties in affluent urban areas on the Chinese mainland, the statement said.
No further details such as how much it plans to raise and when the listing will be completed have been disclosed as the proposed spinoff is still subject to the stock exchange's approval.
Proceeds from the listing would be used to fund China Xintiandi's acquisitions and investments in commercial projects to expand its property portfolio, the company said.
Since the opening of its first Xintiandi project in 2001, an upscale shopping, eating and entertainment area in downtown Shanghai, the company has been copying the concept in a number of Chinese cities including Hangzhou, Chongqing, Wuhan and Foshan.
Shares of Shui On rose 7.3 percent to HK$3.08 (40 US cents) in Hong Kong today, compared to a gain of 1.35 percent in the Hang Seng Index.
A proposal to spin off China Xintiandi Co Ltd, a wholly owned subsidiary of the company, has been submitted, Shui On Land said in a statement to the exchange late on Monday.
Positioned to be the premier commercial property unit of Shui On Group, China Xintiandi will focus mainly on managing, designing, leasing, marketing and redeveloping premium retail, office, entertainment and hotel properties in affluent urban areas on the Chinese mainland, the statement said.
No further details such as how much it plans to raise and when the listing will be completed have been disclosed as the proposed spinoff is still subject to the stock exchange's approval.
Proceeds from the listing would be used to fund China Xintiandi's acquisitions and investments in commercial projects to expand its property portfolio, the company said.
Since the opening of its first Xintiandi project in 2001, an upscale shopping, eating and entertainment area in downtown Shanghai, the company has been copying the concept in a number of Chinese cities including Hangzhou, Chongqing, Wuhan and Foshan.
Shares of Shui On rose 7.3 percent to HK$3.08 (40 US cents) in Hong Kong today, compared to a gain of 1.35 percent in the Hang Seng Index.
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