Joy City Property Limited (HK:0207) has released an update.
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Joy City Property Limited is set to spin off its Consumer Infrastructure REIT with a separate listing on the Shenzhen Stock Exchange, reducing its indirect interest in the project to 40% from 100%. The spin-off will be treated as a major transaction, meeting the requirements for shareholder approval, which has been secured from Grandjoy Holdings Group, holding a 64.18% share. Due to legal constraints in the PRC, the company has been granted a waiver from providing existing shareholders with assured entitlement to REIT units.
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