16 July 2019

Youngor Group may hive off property business, paper says

Youngor Group Co. Ltd. (600177.CN), which is principally engaged in the garments business, is likely to spin off its property business for a separate listing, Shanghai Securities News reported Thursday, citing analysts. The company suspended trading in its shares Wednesday pending an announcement. Li Rucheng, who controls Youngor, said in 2011 that the company was looking at hiving off its property business. However, the plan was shelved as regulators had ordered a halt on property firms’ refinancing as part of efforts to rein in home prices, the paper said. An analyst was quoted as saying that the group my now revive the spin-off plans. The company booked operating revenue of 10.7 billion yuan (US$1.75 billion) in 2012, of which the property business contributed 4.8 billion.

– Contact HKEJ at [email protected]



EJI Weekly Newsletter

Please click here to unsubscribe