Hong Kong property giant New World Development (NWD) has received an acceptance notice from the Shanghai Stock Exchange for the proposed spin-off and separate listing of a China real estate investment trust (C-REIT) backed by two of its flagship Shanghai properties.
The proposed NWD C-REIT is expected to raise approximately Rmb3.82 billion ($570.2 million), with NWD subscribing for at least 20% of the units, according to a September 21 release. Strategic, institutional and retail investors are expected to subscribe for the remaining 80%.
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