Mayland plans hotel REIT listing in Malaysia, eyes Hong Kong secondary float
Mayland Properties Sdn Bhd will list a hotel real estate investment trust on Bursa Malaysia by early 2026, with a possible secondary listing in Hong Kong, Tan Sri David Chiu said.
Source: The Edge Malaysia · August 31, 2026 at 8:31 AM · AI-assisted report
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KUALA LUMPUR, BURSA MALAYSIA, HONG KONG, KLANG VALLEY, JOHOR BAHRU, LANGKAWI, SABAH, KERLING, HULU SELANGOR, GREATER BAY AREA, 31 AUGUST 2026 —
KUALA LUMPUR — Mayland aims to list its hotel real estate investment trust (REIT) on Bursa Malaysia by early 2025, with a potential secondary listing in Hong Kong, according to Tan Sri David Chiu, chairman and CEO of Hong Kong-listed Far East Consortium International Ltd.
Market Impact
Speaking at the Think Business, Think Hong Kong 2026 symposium in Kuala Lumpur, Chiu said the REIT would include six or seven Dorsett hotels, targeting an asset under management of RM1.3 billion. The primary listing would be in Malaysia due to the assets’ location, though a secondary listing in Hong Kong could provide additional advantages.
Mayland currently owns 11 hotels in Malaysia, including Dorsett KL Bukit Bintang, Dorsett Residences KL, Dorsett Hartamas, Dorsett Grand Subang, and Dorsett Putrajaya, totaling 4,500 rooms. Chiu also indicated that the group may inject its 1,800-bed student housing project, Yoiho in Subang, into the REIT.
The planned REIT listing coincides with the upcoming simplified dual listing framework between Malaysia and Hong Kong, set to take effect in September. The framework allows companies to submit a single set of documents, including a common prospectus, for simultaneous primary and secondary listings on Bursa Malaysia and the Hong Kong Stock Exchange.
Chiu, a prominent Hong Kong property and hotel tycoon with decades of business presence in Malaysia, emphasized the country’s strong property and hospitality market. He noted that Mayland, Land Pacific Development Sdn Bhd, and Land & General Bhd (KL: L&G) collectively generate an annual turnover of RM1.5 billion to RM2 billion.
Mayland, founded in 1987, holds an undeveloped land bank of nearly 90 acres in Malaysia, with an estimated gross development value (GDV) exceeding RM8 billion. Its ongoing projects in the Klang Valley and Johor Bahru, including Majestic Kiara and Royal Garden, have a combined GDV of RM1.5 billion. Majestic Kiara has achieved full take-up, while the new project One Stonor is slated for launch soon.
The hospitality business contributes a quarter of Mayland’s total revenue, with the remainder derived from property development. Chiu highlighted plans to expand Malaysia’s tourism sector by building new hotels and resorts in destinations like Langkawi and Sabah. He also noted Malaysia’s growing appeal as a training and conference hub, with integrated convention centers and resort facilities in development.
Mayland is led by managing director Lee Han Ming, while Land & General is helmed by managing director Low Gay Teck. Chiu, who has been a major shareholder of Land & General since 2007, plans to retain his controlling stake, citing the company’s strong industrial property outlook.
Land & General has been diversifying into industrial property, developing an industrial park on its 2,500-acre Sungai Jernih Estate in Kerling, Hulu Selangor. Despite its relatively low profile, the company offers an attractive dividend yield of over 5%, supported by a strong balance sheet with low gearing.
For the financial year ended March 31, 2026 (FY2026), Land & General’s net profit rose 38.7% to RM50.46 million from RM36.37 million in FY2025, driven by progressive project recognition. The company paid a one sen dividend in FY2026, amounting to RM29.7 million or 58.9% of profit after tax and minority interests.
As of end-March 2026, Land & General had a net gearing of 2.9%, with a net debt position of approximately RM33 million. The company’s shares closed at 17.5 sen last Thursday, up nearly 40% year-to-date, giving it a market value of RM535.2 million. Unbilled sales stood at RM618 million as of end-FY2026, with plans to launch multiple projects totaling an estimated GDV of RM1.5 billion in FY2027.
Chiu, who has long-standing business interests in Malaysia, sees further opportunities in collaboration between Malaysian and Hong Kong enterprises. He highlighted Hong Kong’s role as a financial hub and its integration with the Greater Bay Area, a megalopolis linking nine cities in Guangdong Province with Hong Kong and Macau, home to 70-80 million people.
“Hong Kong is more than Hong Kong now. It is now the locomotive of the Greater Bay Area,” he said, urging Malaysian companies to leverage Hong Kong’s advanced financial sector for secondary listings. He noted that Hong Kong’s research teams covering high-tech industries like semiconductors are larger and more detailed than those in Malaysia, potentially attracting international investors to Malaysian firms.
Chiu also praised Malaysia’s competitive advantages, including its infrastructure and competitive land prices. “Looking at the airports, highways, and ports, Malaysia is miles ahead in infrastructure. It also has competitive pricing for industrial land, particularly the availability of freehold properties, which are beneficial for long-term investments.”
While Chiu did not provide further details on the REIT’s structure or timing beyond early 2025, the planned dual listing reflects growing cross-border interest in Malaysia’s property and hospitality sectors. Industry observers suggest that the simplified dual listing framework could enhance market liquidity and investor access for Malaysian companies seeking regional expansion.