New World Development agrees Rmb4 billion Shanghai property spin-off
New World Development Co Ltd said on Thursday its proposed spin-off of Shanghai New World Huaihai Property Development has been accepted by the Shanghai Stock Exchange, which confirmed the company may proceed with the proposed spin-off. The company expects to reduce its indirect interest in the project company to 20% from 100% after the spin-off. The asset disposal consideration is expected to be Rmb4,014 million, and the real estate investment trust (REIT) offering on SSE is expected to have a size of Rmb3,818 million. New World Development will subscribe for 20% of the total units of the
SEPT 21 (Reuters) — New World Development Company Limited said the Shanghai Stock Exchange accepted its proposed spin-off on Sept 19, 2026 and confirmed the company may proceed with the plan. The group expects its indirect interest in the project company to be reduced from 100% to 20% after the spin-off. It said it expects to subscribe for 20% of the total number of units of the REIT in issue at the time of the proposed listing, with the REIT offering on the SSE at an expected size of Rmb3,818 million. Asset disposal consideration is expected to be Rmb4,014 million.
New World Development said the group’s 20% of total units is expected to be subscribed at an aggregate subscription price of Rmb764 million, and estimated net proceeds to be received by the group from the proposed spin-off are Rmb3,240 million. The asset disposal refers to the sale of Shanghai New World Huaihai Property Development. HK.