Kevin McCabe’s Scarborough Group today revealed its intention to list its £400m China real estate subsidiary on the Hong Kong Stock Exchange.
The subsidiary, Scarborough International, is a 50/50 joint venture with Top Spring Group, a China and Hong Kong retail investment and property developer chaired by Wong Chun Hong.
The proposed listing was revealed three months ago by Property Week (03.08.07), when McCabe revealed the strategy for his £500m global portfolio following the sale of a large part of his property empire to Australian fund manager Valad.
Scarborough International has a portfolio of investments and developments in China, with an expected end value of £845m. The projects comprise Scarborough Landmark, Hangzhou; Scarborough Landmark; Sheffield Icon, Chengdu; Scarborough Landmark, Longhua; and Changzhou Waterflowers.
The company also three other projects - Guangzhou Eye, Guangzhou; Chanzhou Landmark and Shenzhen Waterflower – in the pipeline with an estimated end value of £915m.
McCabe is in the process of bringing on board new investors, including his longstanding partners and financiers, Bank of Scotland Corporate and Kaupthing. He also intends to create a fund management division to buy the developments when they are completed.