New World Development (00017) saw its shares climb nearly 4% in Tuesday trading, last up 2.87% at HK$6.085 with turnover reaching HK$33.5955 million. The move came after the company announced progress on its proposed real estate investment trust (REIT) spin-off.

On September 21, the group disclosed that it had submitted registration and listing application materials for the proposed securities investment fund to the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange (SSE) on September 17, 2026. The SSE subsequently issued an acceptance notice for the proposed spin-off on September 19, 2026.

According to previous announcements, the spin-off plan involves listing the securities investment fund independently on the SSE, with the underlying asset being Shanghai Hong Kong New World Tower, a mixed-use property located at No. 300 Huaihai Middle Road in Huangpu District, Shanghai. The property comprises the Shanghai K11 Art Mall shopping and art center as well as the Shanghai K11 ATELIER New World Tower. As of September 17, the asset was indirectly wholly owned by the company through Shanghai New World Huaihai Property Development Co., Ltd.