HONG Kong developer Shui On Land Ltd yesterday said its wholly-owned subsidiary China Xintiandi Ltd will start operating independently on March 1, as the company spins off its commercial property asset management business.
China Xintiandi will focus on managing, designing, leasing, marketing, enhancing and redeveloping premium retail, office, entertainment and hotel properties in affluent urban areas on the Chinese mainland, Chairman Vincent Lo said yesterday in Shanghai.
Freddy Lee, CEO of Shui On Land, said that after the spinoff, "Shui On Land will focus solely on real estate development while China Xintiandi will be a pure commercial property asset management company."
The spinoff "will allow Shui On Land to further consolidate its strength in property development and accelerate its pace in portfolio expansion," Lee added.
A proposal to list China Xintiandi separately on the main board of the Hong Kong stock exchange was submitted last year but there is still no timetable for the IPO, Lo said.
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