联昌国际9月11日发布公告。Management aims to list Shimao’s hotel and property management units separately by 2021F to unlock their value. For the property management unit (which we think could be listed in 2020F), it expects contracted GFA to reach 300m sq m in FY21F (currently: 100m sq m). For the hotel unit, Shimao targets 300 managed hotels in its portfolio eventually, with the first 100 operational and generating revenue of c.Rmb4bn by FY21F.