Swire Pacific’s decision to spin off its property unit is part of its plan to raise funds for new projects in Hong Kong and China, where property prices surged last year.
Swire Properties plans to increase capital expenditure to $607.7 million in 2010. Swire Pacific has received regulatory approval to spin off Swire Properties, and people familiar with the matter said it could raise up to US$3 billion via the initial public offering.
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