BUZZ — New World Development climbs on progress of REIT listing in Shanghai

* Shares of New World Development climb 2.2% to HK$5.945, their highest point since September 11 * Property developer says its real estate investment trust manager, GF Fund Management, submitted application materials to China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE) to register and list a publicly offered commercial REIT. * The proposed spin-off involves the separate listing of the REIT on the SSE with Shanghai Hong Kong New World Tower -- a property comprising Shanghai K11 Art Mall and Shanghai K11 ATELIER NWT in Huangpu District, being used as the underlying asset of the REIT -- Company * The proposed spin-off is conditional upon CSRC approval and the issuance of a no-objection letter by SSE on the REIT listing * YTD, stock down 20.2%, benchmark Hang Seng Index down 3.4% (Reporting by Donny Kwok) ((donny.kwok@thomsonreuters.com)