New World Development wins nod for Shanghai REIT spin-off listing

New World Development received Shanghai Stock Exchange acceptance for a proposed spin-off listing of NWD C-REIT, which comprises Shanghai K11 Art Mall and Shanghai K11 ATELIER NWT. The expected offering size is about RMB 3.82 billion, with the group subscribing to at least 20% of the REIT. Estimated net proceeds to the group are about RMB 3.24 billion, with remaining units targeted at strategic, institutional and retail investors. The group will remain the operations manager post-spin-off.