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672 — Zhong An News Story

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BUZZ-HK-listed developer Zhong An jumps on plans to spinoff services unit

** Shares of China's property developer and hotel operator
Zhong An Group Ltd  0672.HK  surge 13.5% to HK$0.42, their
biggest intraday percentage gain since Feb. 25
    ** Stock, which hit its highest level since April 27, is
among the 30 biggest percentage gainers on the Hong Kong bourse
    ** The Zhejiang-based company plans to spinoff and
separately list shares of Zhong An Intelligent Living Service
Ltd on the Hong Kong bourse and the property management services
firm has submitted a listing application to the stock exchange
    ** Zhong An says it is expected to hold not less than 50% of
the unit after the proposed listing 
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  edges up 0.1%
    ** The Hang Seng China Enterprises Index  .HSCE  climbs 0.9%
and the benchmark index  .HSI  gains 0.6%
    ** Stock had risen 15.6% this year, as of last close  

 (Reporting by Donny Kwok)

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