New World Development climbs on Shanghai bourse nod for REIT listing

New World Development

21/09/2026 04:16

** Shares of New World Development 0017.HK climb 2.1% to HK$5.9, on track to snap two declining sessions
** Property developer 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)
** Company said it expects to subscribe for 20% of the total units of the REIT at listing 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 expects to generate net proceeds of 3.24 billion yuan from the asset sale and purchase of 20% stake in REIT
** YTD, stock down 19.5%; benchmark Hang Seng Index .HSI down 2.9%



 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))