(Yicai Global) Sept. 18 -- The Hong Kong Stock Exchange will see the listing of the fifth property management firm which will spin off from a Chinese mainland real estate company. Agile Group Holdings Ltd. [HKG:3383] will spin off its property management business, A-Living Service Co., for separate listing on the mainboard of the Hong Kong Exchange, it said in a statement on Sept. 14.

The news led to a 2.79 percent rise in Agile Group shares on Sept. 15 at HKD11.80 (USD1.50). In the intraday trading, its shares hit 52-week high at HKD11.92 with a turnover volume of 29.135 million shares, involving HKD339 million.

After completion of the spin-off and listing, Agile Group is expected to have no less than 50 percent stake in A-Living Service Co, while the latter will still be the affiliated company of Agile Property Holdings Limited. A-living Service Co. mainly engaged in property management, property sales, property inspection and acceptance, advertising and tourism services, the statement said.

Greenland Hong Kong Holdings Limited [SHA:600606] played an important role in the spin-off. As early as two months ago, Greenland Holdings disclosed Agile Group's plan through a statement, zhitongcaijing.com reported.  

Greenland Holdings announced on June 30 this year to transfer 100 percent stake of its Shanghai Greenland Property Service Co. for CNY1 billion (USD152.3 million) to Agile Property and planned to form a strategic partnership with the latter. In the next five years, the real estate property projects developed by Greenland Holdings will take Agile Property as the priority property management partner and provide up to 10 million square meters of property services area annually to it. 

In 2017, A-living Service Co. planned to take over 20 million square meters of management property externally and will increase it by 20 percent per year thereafter, Liu Deming, president of A-living Service Group Co., said publicly at the beginning of the year. By the end of 2016, Agile Group's property business revenue was CNY1.069 billion with contracted property management area of about 57.56 million square meters.