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Seazen Gets Hong Kong Exchange Approval to Spin Off Two Projects as Commercial REITs

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Seazen (HKG:1030) has received confirmation from the Hong Kong Stock Exchange that it may proceed with the proposed spin-off of two retail malls into commercial real estate investment trusts.

The company expects to hold about 34% of the REIT units after the spin-off and continue consolidating the REIT into its financial results, according to a Friday Hong Kong bourse filing.

The proposed spin-off involves the Changzhou Tianning Wuyue Plaza and Nantong Qidong Wuyue Plaza projects.

Shares of the property company fell 1% in recent trade.

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