Textiles and clothing manufacturer Winsor Industrial Corp has announced details of its plans to de-merge its property interests in a separate listing in Hong Kong that values the property company at $3.08 billion. Under the de-merger, Winsor Properties Holdings, as the new company will be called, will acquire Winsor Industrial's property interests in Hong Kong, China and Singapore for $3.08 billion. Winsor Industrial says the de-merged interests carry an aggregate independent value, as at June, of $4.13 billion. Winsor Properties will fund the acquisition by issuing 129.8 million new shares - its entire share capital - to Winsor Industrial, which will then distribute the shares to its shareholders by special interim dividend. This dividend will be declared in the proportion of one Winsor Property share for every two Winsor Industrial shares held. Following the completion of the de-merger, which will allow a more distinct direction, Winsor Industrial shareholders will hold the entire issued share capital of Winsor Property. Business for Winsor Property has not been good in the past three years. Its adjusted profit was $44.9 million for the year to March this year, down 13 per cent from 1995's $51.7 million. A year earlier, profit fell 9.3 per cent. The Hong Kong properties include four industrial buildings, two industrial sites and 161 lots of agricultural land in which the new company will have a $2.6 billion interest, or 63 per cent of the property value.