Hong Kong-based communications and property group PCCW has won approval at the second attempt from the territory’s stock exchange to spin off and list its telecoms assets as a business trust. PCCW aims to retain a 55% stake in its telecoms operations after the listing, which remains subject to final approval from financial regulators once the structure of the business trust is finalised. Following a rejection of the proposal in April, Hong Kong’s Listing Committee reconsidered after PCCW made a commitment to keep its solutions business – comprising technology and process outsourcing services in Hong Kong and China – within the company for at least three years. Before the listing can take place, Hong Kong must change regulations, currently only allowing real estate investment trusts, to permit other types of business trusts, bringing it in line with Singapore, where PCCW had mooted an alternative plan for a similar listing if its domestic application failed. According to a Dow Jones Newswires report, the Hong Kong stock market said last month that it hopes to have a modified framework in place ‘within the next few months’ to allow it to better compete with other exchanges in the region. Business trusts use cash flow to pay dividends, making the stock attractive to long-term investors seeking steady income.