New World proposes to spin off Shanghai tower for REIT listing in Shanghai

New World Development (0017) has proposed to set up a commercial real estate investment trust fund to spin off Shanghai Hong Kong New World Tower for a separate listing in Shanghai. 

The REIT’s manager, GF Fund Management, has submitted the application materials to the China Securities Regulatory Commission and the Shanghai Stock Exchange, according to a filing.

The tower, a mixed-use property located at 300 Huaihai Road Central, Huangpu District, Shanghai, comprising Shanghai K11 Art Mall and Shanghai K11 ATELIER NWT, is the underlying asset of the REIT.

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