China’s First Public REIT Is 60% Oversubscribed by Investors
ByChina’s first public real estate investment trust received investor orders for about 1.6 times the amount of units being sold in its initial public offering.
The closed-end REIT managed by Penghua Fund Management received 4.9 billion yuan ($789 million) of subscriptions, after offering 3 billion yuan of units to investors, according to Yu Linbo, the fund’s Shenzhen-based public relations manager. The trust made up of office buildings from China Vanke Co. in the southern city of Shenzhen is awaiting completion of industry and commerce registration before it starts to trade on the Shenzhen stock exchange, Yu said.
The China Securities Regulatory Commission in June granted approval for the first public sale of units by a REIT, allowing builders to look for alternative ways to make money from their investments in commercial property…
China’s First Public REIT Is 60% Oversubscribed by Investors
