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Country Garden nixes planned spinoff and listing on Shanghai bourse

Country Garden Holdings Co. Ltd. withdrew its proposal to spin off its property management unit, Guangdong Country Garden Property Services Co. Ltd.

The company originally filed its application for the spinoff and listing on the Shanghai Stock Exchange in September 2016. According to a company release, the spinoff is being withdrawn due to a recent policy change at certain Chinese approval authorities.

The company is considering a possible separate listing on another exchange, among other options.