Tuesday, 22 July, 2014

Published July 17, 2014
Chinese tycoon to take 60% of Singapore Reit IPO

[SINGAPORE] A Chinese tycoon plans to buy about 60 per cent of the initial public offering of IREIT Global, a Singapore property trust that will invest in European properties and is aiming to raise about US$300 million, according to its prospectus.

Tong Jinquan, ranked by Forbes as China's 35th richest man, plans to buy 254 million of the 423 million units in the IPO, which is being offered at S$0.88 a unit, said the prospectus filed on Wednesday evening.

Mr Tong also bought more than half of Viva Industrial Trust when it listed in Singapore last year.

Mr Tong is chairman of real estate developer Summit, best known for high-end hotel and shopping centre Longemont in Shanghai.