Beijing Hualian Group BHG has launched roadshows and bookbuilding for a Singapore Reit initial public offering a few days later than scheduled after spending additional time pinning down cornerstone investors.
The Chinese retail mall owner has followed the example set by many recent Hong Kong IPOs and locked much of its prospective flotation away with cornerstone investors from the mainland.
It is probably a sensible strategy given the difficult market environment for all Singapore-listed Reits, which have been on a falling trend since late October as expectations for US rate rises in December grow stronger.
The deal also has a punchy...
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