New Century Reit defies tough markets with IPO of up to $254 million

The Carlyle-backed hotel-focused trust is offering a yield above 9%. If successful, it will be the first Reit to list in Hong Kong in two years.

New Century Real Estate Investment Trust, a China-based hotel trust, kicked off the management roadshow and institutional bookbuilding yesterday for a Hong Kong initial public offering that is seeking to raise between HK$1.64 billion and HK$1.97 billion $212 million to $254 million.

If successful, it will be the first real estate investment trust Reit to list in Hong Kong since Hui Xian Reit in April 2011. Hui Xian raised $1.6 billion through...

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