Chinese property developer Shimao Property Holdings Ltd said on Wednesday that it is eyeing a spinoff of its hotel, tourism and leisure property business on the Hong Kong Stock Exchange, but no formal application has been submitted.
"The company is making preliminary enquiries with Stock Exchange of Hong Kong Ltd on the possibility of a separate listing on the main board of the stock exchange of its hotel, tourism and leisure property business," the developer said in a filing to the Hong Kong bourse.
Shimao said no formal listing application had been submitted and no decision had been made on the timing or the funds to be raised. It gave no further details.
Shimao shares fell as much as 1.9 percent to HK$10.28 on Wednesday, its lowest since March 21, before regaining some ground in afternoon trading.