New World Development Files for Commercial Property REIT Listing in Shanghai
New World Development (00017) said GF Fund Management has submitted registration and listing materials to the China Securities Regulatory Commission and the Shanghai Stock Exchange for a publicly offered commercial real estate investment trust. The proposed spin-off would list the fund separately in Shanghai, with Shanghai Hong Kong New World Tower as the underlying asset, held indirectly and wholly owned by New World Development through Shanghai New World Huaihai Property Development. The spin-off requires CSRC registration approval and a no-objection letter from the Shanghai Stock Exchange.
New World Development (00017) announced that GF Fund Management Co. , Ltd. has submitted registration and listing application materials to the China Securities Regulatory Commission and the Shanghai Stock Exchange for a publicly offered commercial real estate investment trust (securities investment fund), which is established by a securities investment fund manager.
The proposed spin-off would involve the separate listing of the securities investment fund on the Shanghai Stock Exchange, with Shanghai Hong Kong New World Tower as the underlying asset. The asset is currently indirectly and wholly owned by New World Development through Shanghai New World Huaihai Property Development Co.
The proposed spin-off may only be implemented after the China Securities Regulatory Commission approves the registration of the securities investment fund and the Shanghai Stock Exchange issues a no-objection letter for the proposed listing.
Shanghai Hong Kong New World Tower is located at 300 Huaihai Middle Road, Huangpu District, Shanghai. It is a mixed-use property comprising Shanghai K11 Art Mall and Shanghai K11 ATELIER New World Tower.
Why this event matters
The event has a measured impact on 3 industrys. The strongest current signal is positive for Commercial Property Development, with intensity 50/100 and 60% confidence over a medium term horizon.
Commercial Property Development
- Direction
- positive
- Intensity
- 50
- Confidence
- 60%
- Horizon
- Medium term
Public Funds
- Direction
- positive
- Intensity
- 45
- Confidence
- 60%
- Horizon
- Short term
Property Management
- Direction
- positive
- Intensity
- 40
- Confidence
- 55%
- Horizon
- Medium term
Impact figures are analytical estimates that combine direction, intensity, confidence and event importance. They are not investment advice.