Sheffield United chairman Kevin McCabe is planning to spin off his Chinese real estate interests into a new £400m vehicle listed in Hong Kong. Financial Time
McCabe sold property businesses Teesland and Scarborough to the Australian group Valad for £865m including debt.
Meanwhile, McCabe has since 2002 been quietly building up a portfolio of investments and developments in China. Two years ago he set up a company – Scarborough International – with Wong Chun Hong, a developer who runs the privately owned Top Spring Group in Hong Kong.
The pair have invested in Chinese cities including Hangzhou, Chengdu, Changzhou and Shenzhen. Mr McCabe has also brought on board other investors including HBOS and Kaupthing, the Icelandic bank.
Plans for the flotation of Scarborough International, which should take place in 2008, comes as demand remains strong for overseas property – at least in contrast to the UK and US.