China Resources Land's stock price surged 5.07% during intraday trading on Wednesday, marking a significant upward movement for the real estate developer.

The sharp rise follows news that the company plans to spin off two shopping centers and convert them into a Real Estate Investment Trust (REIT), a move expected to raise approximately RMB 5.4 billion. According to a Citi research report, China Resources Land will subscribe for roughly 20% to 30% of the REIT units. Analysts believe this strategic initiative could boost the company's future earnings and dividends.

Citi expressed strong confidence in China Resources Land's ability to recycle additional assets through this structure, potentially involving five to six shopping centers with asset values of approximately RMB 10 billion to 15 billion. The bank subsequently named China Resources Land as its top pick in the sector, assigning it a Buy rating with a target price of HK$35.8, which appears to have fueled positive investor sentiment.