Shares of Singapore-listed property developer China New Town Development <CNTW.SI> rose 5.9% to $0.18 on Monday after the firm said it will list its shares on the Hong Kong stock exchange on Oct 22, a trader said.

Over 47.4 million shares had changed hands by 0243 GMT.

 

“Investors are playing up its shares ahead of the date of the Hong Kong dual-listing, in anticipation they will rise on the day itself,” said a local trader.

 

China New Town said on Friday it had received in principle approval from the Hong Kong stock exchange for its plans to dual-list on the Chinese territory bourse.