Champion sets out to improve its image

The unwinding of its financial engineering measures could be a boost both for Champion and the Hong Kong Reit sector as a whole, observers say.

The proposal by Champion Real Estate Investment Trust to acquire Langham Place from its sponsor for HK$12.5 billion $1.6 billion is interesting from a financing perspective since the trust is planning to raise 79% of the funding, plus the HK$300 million transaction cost, from the capital markets at a time when markets remain highly volatile. And when Reits in both Australia and Singapore are under intense pressure. Secondary capital raisings have also been something of a rarity in...

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