New World Development bags Shanghai bourse nod for $570 million REIT listing

New World Development

21/09/2026 01:43

Sept 21 (Reuters) - Hong Kong's New World Development 0017.HK said on Monday the Shanghai Stock Exchange had approved the spinoff and listing of its REIT for an expected offering size of 3.82 billion yuan ($570.36 million).

Here are the details:
The company said it expects to subscribe for 20% of the total units at listing, while external investors would take the remaining 80% for an aggregate 3.05 billion yuan.
As part of the transaction, New World will sell the holding company of Shanghai Hong Kong New World Tower to the newly listed REIT for 4.01 billion yuan.
New World expects to generate net proceeds of 3.24 billion yuan from the asset sale and the purchase of 20% stake in the REIT.
The REIT listing comes as New World seeks to refinance debt ⁠and bolster liquidity amid weakness in Hong Kong's property sector.
Blackstone BX.N walked away from a proposed $4 billion tie-up with New World after the property developer refused to cede control, Bloomberg News reported in May.

($1 = 6.6975 Chinese yuan)

 (Reporting by Nichiket Sunil in ; Editing by Subhranshu Sahu)
 ((Nichiket.Sunil@thomsonreuters.com;))