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China developers flock to spin off property management arms

IPOs raise $5bn this year, favored by investors over debt-laden parent companies

The property management unit of Sunac China debuted on the Hong Kong stock market on Nov. 19.   © Reuters

HONG KONG -- China's indebted real estate developers are rushing to list their property management arms on stock exchanges, pushed by eager investors and Beijing's new restrictions on unbridled borrowing.

The property management unit of Sunac China, the country's fourth-largest developer, made its Hong Kong market debut Thursday. Sunac Services closed up 21.9% from their issue price at HK$14.14.

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