New World Development gets Shanghai bourse nod for US$570 million Reit listing
The move comes as the indebted developer seeks to cut debt, dispose assets and bolster liquidity
New World Development has received approval from the Shanghai Stock Exchange for the spinoff and listing of its real estate investment trust (Reit) with an expected offering size of 3.82 billion yuan (US$570.36 million), the first such listing by a Hong Kong developer. The company plans to subscribe for 20% of the total units, while external investors will take the remaining 80% for an aggregate 3.05 billion yuan.
As part of the transaction, New World will sell the holding company of Shanghai Hong Kong New World Tower to the newly-listed Reit for 4.01 billion yuan, generating net proceeds of 3.24 billion yuan.
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Also reported by 1 other outlet
- New World Development gets Shanghai bourse nod for US$570 million Reit listing businesstimes.com.sg
