Fortune Reit - HK suburban malls

THE first foreign Reit listed in Singapore was Fortune Reit, sponsored by Hong Kong billionaire Li Ka-shing's Cheung Kong Holdings, a large property developer.

It was Singapore's third Reit and began in 2003 with five Hong Kong suburban malls located mostly in the New Territories, and then worth a total of HK$3.3 billion (S$537 million). At the time, two of them, The Metropolis and Ma On Shan Plaza, contributed about 75 per cent of the Reit's total revenue.

Since then, the Reit has diversified its asset base. In 2005, it raised equity and new debt and acquired another six malls, nearly doubling the value of its assets. It bought another three in 2009, two in 2012 and one last year. Today, it has a total of 17 properties valued at HK$29.3 billion.