spin off

The two Hong Kong developers are both proposing to list part of their hotel properties in the form of dividend paying trusts.

Brilliance China is seeking a separate listing of its engine unit, while Hopewell says it plans to spin off its Hong Kong property business.

The vote paves the way for an IPO that could be the largest by a Hong Kong-based issuer in six years.

Pre-marketing gets under way for SMC Global Power in the Philippines and Parkson Retail Asia in Singapore, while Noble Group plans for a separate listing of its agricultural business.

HiChina, which is 85% owned by Hong Kong-listed Alibaba.com, may seek to raise up to $150 million and has hired Credit Suisse and Morgan Stanley to help with the spin-off, sources say.

PCCW's proposed listing of its telecom assets in the form of a trust and Swire Properties' listing by introduction will bring two blue-chip Hong Kong assets to the market -- something rarely seen these days.

The stock exchange is said to have given its nod to the listing through a trust and PCCW is expected to call an EGM in the next few weeks to seek approval from its shareholders for the spin-off.