hong-kongs-latest-reit-scrapes-through

Hong Kong's latest Reit scrapes through

The IPO of RREEF China Commercial Trust is priced just below the mid-point of the range for a 6.2% yield despite modest orders from institutional and retail investors.

Anette Jönsson

June 18, 2007

RREEF China Commercial Trust was able to price its initial public offering in Hong Kong towards the mid-point of the offering range despite being only marginally oversubscribed, which suggests the company and the bookrunners are confident about the quality of the investors who bought in.

The deal, which is sponsored by the real estate and infrastructure arm of Deutsche Asset Management, will be only the second Hong Kong-listed Reit to hold Chinese assets after GZI Reit and the third in total if you count CapitaLand-sponsored CapitaRetail China Trust which is listed in Singapore. At launch, the Reit will hold one asset û a twin tower Grade-A office complex in Beijing called Beijing Gateway...

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