New World Development wins SSE nod for RMB 3.82 billion Shanghai K11 C-REIT spin-off listing

• New World Development received Shanghai Stock Exchange acceptance for a proposed spin-off listing of NWD C-REIT.
• REIT assets comprise Shanghai K11 Art Mall, Shanghai K11 ATELIER NWT; the group holds 100% equity in both.
• Expected offering size about RMB 3.82 billion; the group to subscribe for at least 20% of the REIT.
• Estimated net proceeds to the group about RMB 3.24 billion; remaining units targeted at strategic, institutional, retail investors.
• Group to stay operations manager post-spin-off; assets to retain K11 branding under an asset-light model.

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