New World Development wins approval to list K11 Shanghai REIT, raising $570M

New World Development received Shanghai Stock Exchange approval to spin off a REIT holding K11 Shanghai assets, with an offering of about 3.82 billion yuan ($570M) and net proceeds of 3.24 billion yuan. The move is part of the distressed developer's deleveraging strategy, though the final listing and investor demand remain uncertain. This provides a liquidity boost for NWD but signals continued stress in the Hong Kong property sector.