Hong Kong's New World Development plans to list Shanghai K11 property via public REITs, expects net proceeds of 3.24 bln yuan for loan repayment
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Hong Kong-based property developer New World Development has announced plans to spin off its Shanghai K11 property into a public real estate investment trust (REIT) offering. The company expects to raise net proceeds of approximately 3.24 billion yuan from the issuance. The funds raised will be used to repay existing loans. The move is part of the company's strategy to unlock value from its assets and reduce its debt burden. The announcement was reported by Reuters via tradealpha.
Source report
Hong Kong-based New World Development has announced plans to spin off its Shanghai K11 property through a public Real Estate Investment Trust (REITs) offering. The company expects to raise net proceeds of 3.24 billion yuan from the transaction, which will be used to repay loans.
Source
rtrsNeutral / independent
Part of this Story
New World Development spins off Shanghai K11 assets in 3.82 billion yuan REIT IPO on Shanghai Stock Exchange