The Housing Authority has appointed UBS Investment Bank, Goldman Sachs (Asia) and HSBC as joint global co-ordinators to help it divest of its retail and carparking facilities.

JP Morgan Securities was appointed financial adviser for the project, and PricewaterhouseCoopers as auditor and reporting accountant.

The authority plans to sell its retail and carparking facilities to a new company which will then make an initial public offering on the Stock Exchange of Hong Kong.

The authority approved the divestment plan in July. It  involves 1 million square meters of retail facilities and 100,000 car-parking spaces.

The successful divestment of these facilities will enable the authority to focus on its primary mission: to provide subsidised housing to people in need.