Swire Properties was spun off from Swire Pacific and began trading in Hong Kong today. The newly-independent property unit is trading at HK$17.42 far below its adjusted book value of $HK29.20. Former parent Swire Pacific, which also owns Cathay Pacific airlines, offshore vessels, and is a Coca Cola bottler, traded down 2.7% to HK$76.80 on the distribution.
Disclosure: The author owns no position in any stock mentioned.
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