New World Development Lists REIT in Shanghai, Sells Tower Holding Company
3 reports, 1 independent
Updated Sep 21
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What happened
New World Development announced that the Shanghai Stock Exchange approved the spinoff and listing of its REIT, with an expected offering size of 3.82 billion yuan. As part of the transaction, New World will sell the holding company of New World Tower to the newly listed REIT for 4.01 billion yuan. The company expects to generate net proceeds of 3.24 billion yuan from the asset sale and its stake in the REIT.
From dealstreetasia.com
Why it matters
The REIT listing and asset sale are intended to help New World Development refinance debt and improve liquidity amid weakness in the Hong Kong property sector. This move is part of a broader effort by the developer to stabilize its financial position.
From dealstreetasia.com
Who's involved
- ShanghaiThe location where the REIT is being listed on the stock exchange.
- New World TowerThe tower whose holding company is being sold to the new REIT.