HONG KONG-BASED New World Development Co. Ltd. said it plans to spin off its mainland department store operation on the Hong Kong stock exchange.

The property-to-telecom group said in a statement it had submitted an application for the listing of New World Department Store China Ltd., which manages and operates a large national network of department stores on the mainland under the brand name “New World” and “Ba Li Chun Tian” in Shanghai. It gave no further details.