Greenland to spin off six hotels in Reit or private fund

Singapore

IN what could mark the start of a multi-billion dollar property fund platform for China's largest state-owned developer, Greenland Group is spinning off six hotels worth S$1.5 billion in first and second-tier cities as a listed Reit or a private fund here.

This comes under its earlier-announced S$5 billion asset securitisation plan in Singapore involving 19 Chinese hotels as it embarks on an asset-light strategy. The developer now carries some US$100 billion worth of investment assets on its balance sheet.