Shui On's Xintiandi unit to run independently

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.

We recommend:
Mainland, Taiwan airlines sign co-op contract	Great changes in Zhengzhou railway station	Wanda Group ventures onto the global stage
Sports car makers look to mainland market	Top Ten Economic Events in 2012	'Gold road' laid with gold bars