Change in HK Reit rules could divert HK$34b to development

[HONG KONG] A change to Hong Kong's real estate investment trust rule may free HK$34 billion (S$5.4 billion) for property development and rebuilding, according to Victor Yeung, who runs Admiral Investment Ltd that invests in Reits.

Of the amount, HK$27 billion could come from trusts with Hong Kong assets, Mr Yeung, a former managing director at LaSalle Investment Management, said in an e-mail response.

Hong Kong-based Admiral is seeking US$200 million for a fund to invest in regional Reits.