Regulator gives nod to China's first Reit offering

Shanghai

CHINA'S securities regulator has granted approval for the first public sale of units by a real estate investment trust, broadening the financing channels for developers facing a prolonged housing market slump.

The China Securities Regulatory Commission on Monday approved the Reit managed by Penghua Fund Management which will list in Shenzhen following the offering, according to a person at the company who asked not to be identified. The trust will be made up of commercial properties from China Vanke Co in the southern city of She…