HONG KONG - Chinese Estates (Holdings) Ltd. (0127.HK) plans to list a real estate investment trust on the Hong Kong stock exchange, the company said in a statement Wednesday.
        The company said the REIT would consist of commercial properties, although it didn't identify the properties or say how much it aims to raise from the spinoff.
        It said the plan is "at a preliminary stage and specific terms and timing of the spinoff have yet to be determined."
        Chinese Estates, a mid-tier property developer controlled by Hong Kong businessmen Joseph Lau and his brother Thomas, said the move is aimed at strengthening the company's financial position and enhancing shareholder value.
        The developer owns a number of major commercial and office buildings in Hong Kong's Causeway Bay shopping district, an area that commands some of the highest rents in the city.
        Its key properties in Hong Kong include Causeway Place and Excelsior Plaza in Causeway Bay, Silvercord in Tsim Sha Tsui, the Wan Chai Computer Center, and office building Harcourt House in Wan Chai.(Dow Jones)