Hong Kong's newest REIT shows even a Champion has to prove itself
Tough market conditions and plenty of alternative choices keep demand for single-property REIT at modest levels and force yield towards top end of the range.
Champion Real Estate Investment Trust has priced its initial public offering towards the low end of the indicated range to give a 2006 yield of 5.46% after sluggish demand from the retail community in particular suggested investors arenÆt yet convinced the newcomer will live up to its name.
The yield, which is based on a guaranteed payout of at least HK$0.17 per unit, pitches the spin-off from property investment company Great Eagle Holdings in the middle of Hong KongÆs...
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