Issuer: Dynasty REIT - first RMB denominated REIT on SGX
Sponsor: ARA Asset Management Ltd
Issue size: 893,872,000 to 901,292,000 shares
Distribution Yield 2013E :7.0% to 7.2%
Price range (based on RMB5.115 = SGD1.00) : RMB4.40 (SGD0.86) - RMB4.70 (SGD0.92)
Expected Allocation: 24 Oct
Expected Listing Date : 30 OctPreliminary prospectus is
here.
I received the above from my broker today. It always gives me "bad feeling" when Li Ka-Shing wants to cash out of the market. You can see that he always cash out at the market top. You can see it in Suntec, you can see it in Hutchison Port and you can see it in
Hui Xian REIT. Sounds similar to the
Ding Xie effect which i was talking about? hahaha
Dynasty REIT is established with the investment strategy of investing in income producing assets in PRC that is used for commercial purposes. The initial portfolio is Nanjing IFC, Dalian TRC and Shanghai ICP.
I don't wish to comment further until i see the final prospectus and the implied yield. At the end of the day, it is a play on the outlook of the economy of China and whether the offices can be fully leased out to generate the passive income to you.
The 3 buildings are:
Track Record of Superman LKS in a similar REIT
Hui Xian REIT was launched at RMB 5.24 in 2011. It is currently languishing at RMB 4.02. The information is
here. Share price chart attached below for your information.
Mr. Li is a genius and i am indeed "wary" whenever he comes to the IPO market. hahaha.Happy IPOing.
Comments
ref: SGX Singapore
(haha, sorry, forgot to subscribe to email if there's a reply...)
Better stay clear from this IPO
Issuer: Dynasty Real Estate Investment Trust
Ticker: TBC – Units will trade under 2 different tickers, one each for SGD and RMB
Currency of Issue:
Dual currency – S$ and RMB
Sponsor: ARA Asset Management Limited
IPO Listing: Singapore Stock Exchange Mainboard
Total Units Outstanding: 1,147,730,000 Units
Issue Size (incl. cornerstone): Up to 1,038,900,000 Units, representing up to c.S$955m / US$775m / RMB4,883
Free Float %: Up to 90.5%
Sponsor Stake Post-IPO: Up to 10.1%
Offer Structure: Institutional and Public Tranche – Up to 901,292,000 Units or up to c.86.8% of the offer representing up to c.S$829m/RMB4,236m
Cornerstone Tranche – 137,608,000 Units or up to c.13.3% of the offer representing up to c.S$126m / RMB647m
Cornerstone Investors: Amundi (32.6m units – up to S$30m);
Credit Suisse AG (105.0m units – up to S$97m)
Offering Price: S$[0.86] – S$[0.92] per Unit / RMB4.4 – RMB4.7 per Unit
Implied Yield Dec 2012E: 6.8% – 7.1% (Annualized)
Implied Yield Dec 2013E: 7.0% – 7.3%
Lock-Up: Sponsor stake – 100% for 180 days, 50% for additional 180 days