ARA Asset Mgt surges more than 8% on Shanghai property investment

Singapore

SHARES of ARA Asset Management surged more than 8 per cent on Thursday, a day after it said it would be setting up a fund, ARA Harmony VI, to invest in a S$4.1 billion China commercial property.

ARA Asset Management hit S$1.410 apiece earlier, before hovering around S$1.405 each, up 5.5 Singapore cents, or 4.07 per cent, at 4.30pm. It eventually closed up 8.1 per cent, or 11 Singapore cents, at S$1.46.