Citi: CHINA RES LAND Plans to Spin Off Two Shopping Malls via REIT, Named Sector Top Pick
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Citi's research report indicates that CHINA RES LANDplans to spin off two shopping malls into a REIT, aiming to raise around RMB5.4 billion. The company will hold 20% to 30% of the REIT, which is expected to enhance earnings and dividends. Citi believes CHINA RES LAND can recycle five to six malls valued at RMB10 billion to RMB15 billion and has named it a top pick in the sector with a Buy rating and a target price of HKD35.8.
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