New World Wins Approval for $570M REIT Listing

NEW WORLD DEVELOPMENT secured approval from the Shanghai Stock Exchange on Monday morning to spin off and list a REIT valued at 3.82 billion yuan ($570M), marking a first for a Hong Kong developer. The offering gives institutional and retail buyers an 80% stake, while the developer retains a 20% holding. The transaction provides a new capital channel as the firm navigates a downturn in the regional property market.