Hong Kong goes Reit crazy

Huge oversubscription levels recorded for Li Ka-Shing vehicle.

An IPO for Prosperity Reit was priced at the top of its price range yesterday December 8 after attracting massive demand from both retail and institutional investors. Under the lead management of JPMorgan and Merrill Lynch, an 888 million unit deal was priced at HK$2.16 per unit, netting the Cheung Kong group HK$1.92 billion $246 million. There is also a 10% greenshoe, which could bump final proceeds up to $270 million.

The...

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