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Hong Kong Conglomerates Line Up for Spin-Offs

Hong Kong’s New World Development Co. Ltd. is the latest conglomerate in the city to mull spinning off assets.
In a statement Friday, the company, which has interests ranging from property to transport and is owned by the wealthy Cheng family, said it is considering a spin-off of certain hospitality assets without further elaborating.

Another conglomerate Hopewell Holdings , said February that it plans to list its Hong Kong property development and investments unit. It said it had submitted a listing application to the Hong Kong stock exchange.

Tycoon Vincent Lo’s Shui On Land also announced plans last year spin off its commercial property operations, and is also considering a Hong Kong listing of China Xintiandi, which operates shopping and entertainment complexes in Chinese cities such as Shanghai, Hangzhou and Chongqing.

Still, not all spin-off plans have been successful. Last November, Hong Kong tycoon Li Ka-shing’s flagship property company Cheung Kong (Holdings) Ltd. delayed a planned to raise up to $800 million via the listing of its unit, Horizon Hospitality (Holdings), which has four serviced-apartment buildings in Hong Kong.

Isabella Steger

The Wall Street Journal – 8/03/13