Shui On Land's unit submits listing application, stock falls most in 1-1/2 years

Shui On Land

14/09/2021 04:35

** Shares of Chinese property developer Shui On Land Ltd
 0272.HK  fall 5.6% to HK$1.34, biggest intraday drop since
March 2020
    ** Stock on track to snap two straight session of gains; the
 third biggest percentage decliner on the Hang Seng Composite
Index tracking properties and construction stocks  .HSCIPC    
    ** Shanghai-based Shui On Land says its commercial
properties and asset management unit, Shui On Xintiandi, has
submitted a listing application to the Hong Kong bourse
 urn:newsml:reuters.com:*:nFWN2QF0Y1
    ** Says the company will remain a controlling shareholder of
Shui On Xintiandi after the deal, and net proceeds will be used
for settlement of certain shareholders' loan, to reduce debt and
for acquisition of future landbank
    ** Says the company plans to distribute a special dividend
to shareholders on completion of the spin-off and listing
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  eases 0.6%, and the Hang Seng Composite Index tracking
properties and construction stocks  .HSCIPC  falls 0.9%
    ** The Hang Seng China Enterprises Index  .HSCE  slips 0.4%
and the benchmark index  .HSI  slides 0.2%
    ** The stock had surged 31.5% this year as of last close 
    

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