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Shares of Swire Pacific rose 6.3 percent to a 20-month high on Tuesday after the conglomerate said it was considering spinning off its property unit.
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The shares rose to as high as HK$101, its highest since Feb. 5, 2008, before steadying at HK$99.80.
Swire Pacific, which also holds a stake in Asia's No.4 air carrier Cathay Pacific, said on Monday that it was considering a separate main-board listing for Swire Properties, a property company that also holds hotel interests in Hong Kong, the UK, and the U.S.
The aviation-to-property conglomerate said no application for the listing had yet been made and no formal proposal had been put to the Stock Exchange.
No decision regarding the timing of the listing had been made and shareholders' approval would be sought, the company said.
Swire Pacific said it would make a further statement but gave no details.
Swire Properties holds interests in hotels, including a 20 percent stake each in JW Marriott, Conrad Hong Kong, and Island Shangri-La hotels in Pacific Place on Hong Kong Island, and Novotel Citygate in Tung Chung in the New Territories.
The unit also owns a stake in the Mandarin Oriental Hotel in Miami, and owns four hotels in UK cities, according to an earnings statement from Swire Pacific in August.
Bank of America Merrill Lynch said in a research note on Tuesday that it upgraded Swire to "buy" from "underperform" because of the possible unlocking of value through a spinoff of the property division and a renewed focus on property development.
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