Brook Asset Management is lobbying to have Trans Tasman Properties removed from the New Zealand stock exchange's property index.
The fund manager's main argument is not that the company is shifting its head office from New Zealand to Singapore, but that it is turning into a property developer.
Other sharemarkets have an index for construction and development firms separate to an index for property companies.
In a letter to the NZX, Brook's chief investment officer Simon Botherway said Trans Tasman would probably not be included in property indexes in other countries. It makes up 4 per cent of the NZX Property Index.
The company had development assets of $336 million and yielding assets of $129 million at October.
Brook said the company was changing from being a property investor to developer.
Guy Fisher, of the NZX, said the exchange had received a letter from Brook Asset Management on Friday and did not want to comment yet.
Trans Tasman has spent $264.5 million on Hong Kong real estate this year, and majority shareholder Jesse Lu of Sea Holdings is based in Hong Kong. The company listed in 1982.
Take Trans Tasman off NZX index urges Brook
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