ARA Asset Management Ltd’s (ARAM.SI) planned initial public offering of a yuan-denominated real estate investment trust (REIT) in Singapore could raise as much as $1 billion, three sources with knowledge of the matter said.
“The listing is targeted to be around June or July” one of the sources told Reuters.
ARA, part-owned by Hong Kong property giant Cheung Kong (Holdings), is planning to inject Chinese office and retail properties from its flagship Asia Dragon Fund into Singapore's first yuan-denominated REIT, sources said.
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