CRE to list subsidiary

China Resources Enterprise (CRE) has confirmed it has made an advance booking to the stock exchange to list the shares of subsidiary China Resources Beijing Land.

The subsidiary owns the entire issued share capital of Strong Foundation Developments, whose only material asset is a 52 per cent equity interest in Beijing Huayuan Property Co.

CRE, the listed flagship of China's Ministry of Foreign Trade and Economic Co-operation, appointed Anglo Chinese Corporate Finance, Credit Lyonnais Securities (Asia) and Morgan Stanley as sponsors and lead underwriters for the float.