Wednesday, 10 October 2012 16:49
SINGAPORE: A real estate investment trust backed by Hong Kong tycoon Li Ka-shing announced on Wednesday it hopes to raise around $800 million in a yuan-denominated initial public offering in Singapore.
The offer by Dynasty REIT will be the first yuan-denominated flotation in the affluent city-state and the second outside mainland China.
Dynasty REIT, which is sponsored by real estate fund manager ARA Asset Management Ltd, lodged its prospectus on Wednesday with the Monetary Authority of Singapore (MAS) in preparation for the IPO.
ARA is an affiliate of the Cheung Kong Group, whose chairman is Li, Hong Kong's richest man.
No date was given for the share offer.
Dynasty REIT will offer between 893.9 million and 901.3 million units to public and institutional investors at a price range of 4.40-4.70 yuan apiece, according to the preliminary prospectus.
Additional units will be subscribed to by the sponsor and a group of "cornerstone" investors.
Total proceeds from the offer ...