Vincent Lo, the Hong Kong-based creator of Shanghai’s Xintiandi entertainment district, has launched a Chinese development company that may list on AIM within months. Daily Telegraph.
China Central Properties (CCP) will initially house a portfolio of five existing development projects worth nearly $300m. Among the initial five assets that will be injected into CCP from Shui On Construction and Materials (Socam), is a development in the city of Dalian that had been dormant for more than seven years until Socam acquired it in 2005.
Lo, founder of Shui On, one of Hong Kong’s best-known corporations, said: 'There is a significant opportunity to bring our expertise in construction and real estate together. Many of these unfinished properties are eyesores and have been a political headache.'
'We will list [CCP] on an internationally recognised exchange. It may be on Aim in London, Euronext, Hong Kong or Singapore.'
CCP is backed by JP Morgan. Deutsche Bank has been appointed to advise on the flotation.