(Updates with comment from Manager of funds in the fourth paragraph).
April 20 (Bloomberg) - billionaire Li Ka-shing of the real estate investment trust raised 10.5 billion yuan ($1.6 billion) in first initial public offering Hong Kong in Chinese currency, two people with knowledge of the case, said.Hui Xian Real Estate Investment Trust sold 2 billion units to yuan 5.24 each, down a range marketed to investors, said the people, who refused to be identified before an announcement. The FPI will take a performance for 4.26%, based on the prices of the hypotheses presented in the document of sale for the part of the company.The prospect of an appreciation of the yuan was not enough for Li, 82, to increase the maximum amount requested as other FPI exchanged in the best offer of the city returns and investors can open bank accounts in China for similar yields. Individuals applied for approximately 2.5 times the stock is reserved for them, the people said, compared to 300 times for the last Li REIT a public in Hong Kong more than five years ago. "" People can bring their money to mainland China and achieve similar efficiency through deposits, "said Nelson Yan, which allows to supervise the $ 90 million as the Manager of the financial investment to Mayfair Pacific Group in Hong Kong.REITs tend to trade less actively that other stocks as investors keep them for their performancemaking them less attractive to buyers of selling retail seeking quick gains, said Yan.The Central Bank of the upper YieldsChina raised interest rates four times since October trying to cool a bubble property and tame inflation.The interest rate is 3.25% on a one-year deposit and 4.15% on a deposit of two years in mainland China. In Hong Kong, the return on a deposit of one year of at least 500,000 yuan ($76,700) to HSBC Holdings Plc is 0.6%.Most of the listed Hong Kong real estate investment trusts give 5 to 6%, according to Jonas Kan, responsible for the research of Hong Kong to Daiwa Securities Capital Markets. Among Hong Kong-listed REITs, Sun's Real Estate Investment Trust is estimated to yield 6.8% this year, then only the Champion REIT may return to 4.6%, according to Katie Chan, an analyst with Haitong International Securities Group Ltd.Winnie Cheong, a spokesman Cheung Kong de Li (Holdings) based in Hong Kong Ltd., did not immediately respond to telephone calls to his Office. BOC International Holdings Ltd., Citic Securities International Co. and HSBC managed the sale.Shopping the city of MallThe yuan denominated deposits, reached a record of 52 billion in February. Hui Xian IPO can pave the way for other developers to make similar offers as Hong Kong exchanges & Clearing Ltd. seeks to expand its range of products to compete in the region.The offer is supported by the properties of the Oriental Plaza covering 100,000 square meters (1.1 million square feet) along the Changan Avenue in central Beijing. Oriental Plaza consists of eight towers of offices of high-end, a shopping centre, a Grand Hyatt Hotel and serviced apartments, according to its Web site. Cheung Kong owns 33.4% of Oriental Plaza, while only affiliate Hutchison Whampoa Ltd. has 18 per cent, according to the annual report 2009 of the companies.Companies based in Baar, Switzerland Glencore International AG to Prada SpA of Milan plan of sales share in Hong Kong this quarter, providing a boost to the thrust of the Exchange to become a hub of intellectual property offices.-Editors: Philip Lagerkranser, Chitra Somayaji
To contact the reporter on this story: Fox Hu in Hong Kong to the fhu7@bloomberg.net
To contact the editor responsible for this story: Philip Lagerkranser to the lagerkranser@bloomberg.net
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