Country Garden says regulator accepts unit's IPO application

Greentown Service

08/09/2016 04:10

HONG KONG, Sept 8 (Reuters) - Country Garden Holdings Co Ltd 
 2007.HK , China's third largest property developer by sales, 
said the securities regulator has accepted the application for 
its property management unit to list in Shanghai. 
    Country Garden submitted the application for an initial 
public offering to China Securities Regulatory Commission on 
Aug. 31, after announcing its intention to spin off the unit in 
March, the company said in a statement on Wednesday. 
    An increasing number of Chinese homebuilders are spinning 
off their property management businesses, which have a higher 
earnings premium over core property development operations, in 
an effort to unlock potential shareholder value.  urn:newsml:reuters.com:*:nL3N10W2W5 
    Greentown China Holdings Ltd  3900.HK  completed the Hong 
Kong IPO of its property management unit Greentown Service Group 
Co Ltd  2869.HK  in July. Fantasia Holdings Group Co Ltd 
 1777.HK  and China Overseas Land & Investment Ltd  0688.HK  
have also spun off their unit in recent years. 
 
 (Reporting by Clare Jim; Editing by Amrutha Gayathri) 
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters 
Messaging: clare.jim.thomsonreuters.com@reuters.net)) 
 
Keywords: COUNTRY GARDEN PROPERTY MANAGEMENT/IPO