Shanghai Stock Exchange approves spinoff and listing of New World Development's REIT for an offering size of 3.82 billion yuan (~$570 million)
According to CNA Business, Hong Kong's New World Development said Shanghai Stock Exchange has approved the spinoff and listing of its REIT for an expected offering size of 3.82 billion yuan. The company expects to subscribe for 20% of the total units at listing, with external investors taking 80% for an aggregate 3.05 billion yuan, and will sell the holding company of Shanghai Hong Kong New World Tower to the newly listed REIT for 4.01 billion yuan. New World also expects net proceeds of 3.24 billion yuan from the asset sale and the 20% stake purchase, as it seeks to refinance debt and bolster liquidity amid weakness in Hong Kong's property sector."
Key facts
- 01Offering size is 3.82 billion yuan.
- 02New World will subscribe for 20% of units at listing; external investors 80% for 3.05 billion yuan.
- 03Holding company of Shanghai Hong Kong New World Tower will be sold to the REIT for 4.01 billion yuan.
- 04Net proceeds expected from asset sale and 20% stake purchase: 3.24 billion yuan.
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