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First yuan-based Singapore listing eyed by Li REIT

Wednesday, May 16, 2012

Li Ka-shing's ARA Asset Management aims to list a yuan-denominated real estate investment trust in Singapore by July, Dow Jones Newswires reported.

The REIT - comprising ARA Asian assets - will look to raise between 3.52 billion yuan (HK$4.32 billion) and 4.02 billion yuan.

The listing will mark a first for a yuan- priced REIT outside of the mainland and Hong Kong and test the ability of Singapore to handle yuan investment products as it has a much smaller yuan pool than the SAR.

ARA is now wooing potential cornerstone investors, and expects Singapore authorities to approve the listing either this week or next, the report said.

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The Cheung Kong (Holdings) (0001) affiliate also holds a stake in Hui Xian REIT (87001) - the first yuan- denominated REIT to list in Hong Kong last year.

DBS Group, Standard Chartered and Macquarie are advising ARA on the deal.

In other developments, Li flagship firms Hutchison Whampoa (0013) and Cheung Kong (Holdings) have jointly acquired the No16 plot in a Specially Designed Residential Zone in Shanghai's Qingpu district for 1.41 billion yuan, or about 9,559 yuan per square meter.

The unit price is less than half of what Hutchison paid for an adjacent site in 2010. Total investment is set at HK$2.28 billion. VICTOR CHEUNG


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