Ascendas mulling listing of new REIT

Property developer Ascendas Group has said it is looking at listing a new fund, but is still weighing all options before it makes a decision.

This came in response to a report by South China Morning Post about its plans to list a yuan-denominated real estate investment trust (REIT) of its China property assets in Hong Kong.

The move is said to be in line with the growing interest in renminbi products and that a renminbi REIT will be “a good and interesting opportunity”, the paper reported on Monday, quoting Ascendas group chief executive Chong Siak Ching.

Chong said the group is also watching new developments with interest, including the renminbi currency.

Ascendas is also considering a listing of the properties in Singapore and China – should the latter permit a REIT listing in the future, the report added.

When contacted by MediaCorp, an Ascendas spokesman said: “As a fund manager and investor, we actively consider all possibilities that deliver better returns to our stakeholders and to broaden our investor base in Asia.”

Source : Channel NewsAsia – 5 Jul 2011

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