Macquarie's China shopping malls to go into wholesale fund

Decision rules out listing of these properties as REIT in medium-term.
Macquarie Bank has decided to set up a wholesale fund that will be backed by nine shopping malls in China that it bought together with other investors in July 2005 and will invite new institutional investors to participate.

Macquarie had earlier said it was looking at different options of what to do with these assets - which the investor syndicate acquired from Wanda Group, a Dalian-based property developer. Those options included the possibility of setting up a real estate investment trust REIT for a listing in Hong Kong, but the decision to go with a wholesale fund instead suggests a listing will now likely not happen for another 1.5 to 2 years.

The investors ôwonÆt...
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