Swire Pacific Shares Decline In Trading After Spin Off Of Swire Properties

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:…