[New World Development plans to spin off a real estate investment trust fund and list it in Shanghai] On September 17, according to an announcement issued by New World Development on the Hong Kong Stock Exchange, the company plans to spin off a real estate investment trust fund (REIT) with properties in mainland China as the underlying assets and list it on the Shanghai Stock Exchange. According to Thursday's announcement, the underlying asset of the proposed REIT is Shanghai Hong Kong New World Tower, which consists of Shanghai K11 Art Mall shopping art center and Shanghai K11 ATELIER New World Tower. The property is currently indirectly wholly-owned by New World Development. The announcement stated that on September 17, GF Fund Management Co., Ltd., the manager of the proposed REIT, submitted application materials for REIT registration and listing to the China Securities Regulatory Commission and the Shanghai Stock Exchange. The proposed spin-off requires approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange. The Hong Kong Exchange has approved New World Development to move forward with the transaction, but the company said the transaction still depends on market conditions and may or may not ultimately proceed. The company did not disclose the size or value of the proposed REIT.