China's Midea Real Estate shares soar on property development spinoff

HONG KONG -- The owners of major Chinese electric appliance maker Midea saw the shares of the group's Hong Kong-listed real estate unit shoot up on Monday, after the company announced plans to spin off the property development business.

In early morning trading, Midea Real Estate Holding's stock price soared to 7.54 Hong Kong dollars, more than double Friday's close. The company finished the morning session at HK$6.34, or 69% higher than Friday.