Asia Food & Properties has proposed the demerger of all of its China commercial property business which will be held under a new wholly-owned subsidiary, Bermuda-incorporated Bund Center Investment Ltd.

It has also proposed that Bund Center Investment be listed on the SGX and the demerger be effected through a capital reduction in Asia Food & Properties and a distribution of all the shares in the capital of Bund Center Investment Ltd held by the company to the shareholders of Asia Food & Properties.

Asia Food & Properties will not have any shareholding interest in the capital of Bund Center Investment Ltd after the distribution. Its issued and paid-up share capital will also be reduced by about $410.66 million.