C&D International Investment Group Limited (SEHK:1908) announced the spin-off of C&D Property Management Group Co. Limited on September 30, 2020. C&D International Investment Group will spin-off and separately list C&D Property Development Group on the Main Board of the Stock Exchange by way of introduction, which will be implemented through a distribution in specie by C&D International Investment Group of all shares of C&D Property Development Group to the qualifying shareholders, in proportion to their respective shareholding in C&D International Investment Group as at the record date.

Upon completion of the spin-off, C&D International Investment Group will not retain any interest in C&D Property Development Group and C&D Property Development Group will cease to be a subsidiary of C&D International Investment Group and will become an associate of C&D International Investment Group. The record date for the transaction will be December 29, 2020. Transaction is conditional upon, among other things, the approval of the Listing Committee, the final decision of the Board of C&D International Investment and the Board of the C&D Property, and market and other considerations.

On September 30, 2020, C&D Property submitted a listing application form (Form A1) to the Stock Exchange to apply for the listing of, and permission to deal in, C&D Property shares on the Main Board of the Stock Exchange. The transaction has been approved by the Board of C&D International Investment Group Limited. John Baptist Chan, Alan Wong, Kevin Ng, Elaine Ma and Felicia Leung of King & Wood Mallesons acted as legal advisors for C&D Property Development.