Chinese tycoon eyes 60% of IReit Global's IPO

[SINGAPORE] A Chinese tycoon plans to buy about 60 per cent of the initial public offering of IReit Global, a Singapore real estate investment trust that will invest in European properties, in his latest push to ramp up Reit investment in Singapore.

Rich Chinese investors have become increasingly interested in Singapore's Reits, admiring their stable returns and seeking alternatives to park their wealth, while the Chinese property market, where many of them have made their fortunes, remains shaky.

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