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Country Garden board approves spinoff's separate listing in Hong Kong

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Country Garden board approves spinoff's separate listing in Hong Kong

Country Garden Holdings Co. Ltd.'s board approved the proposed separate listing of the company's property management business on the Hong Kong stock exchange.

Country Garden Services Holdings Co. Ltd.'s separation from its parent is subject to the completion of a conditional special distribution.

The proposed spinoff will issue 2,500,000,000 of its shares, in which eligible shareholders on record as of June 13 will receive one Country Garden Services share for every 8.7 Country Garden Holdings shares they hold. The distributable shares represent the entire issued share capital of Country Garden Services.

On the other hand, shares allocated for nonqualifying shareholders will be sold on the market once reasonably practical, following Country Garden Services' expected June 19 debut on the Hong Kong bourse, according to a filing. Proceeds from the divestment will be distributed to the nonqualifying shareholders in Hong Kong dollars and in proportion to their respective shareholdings on July 3.