shui-on-group-to-spinoff-property-unit-on-aim

Shui On Group to spin-off property unit on AIM

The company, which will seek to raise about $500 million from an IPO and a CB, will focus on distressed and partially completed property projects.
China Central Properties CCP, which is sponsored by Hong Kong-listed Shui On Construction and Materials SOCAM, yesterday announced its intention to list on LondonÆs Alternative Investment Market by June 15.

The listing, which was flagged by SOCAM last month, will include the sale of ú150 million about $300 million worth of new shares and sources say Deutsche Bank will start pre-marketing of that issue today May 16. In connection with the stock floatation, CCP will also issue $200 million of five-year convertible bonds, giving it a starting capital of about $500 million for future acquisitions.

The company will have a fund-like structure and will invest in partially completed property developments in China....
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