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Mapletree China REIT closes higher
Source: Xinhua |
March 8, 2013, Friday
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Print Edition
Print Edition
MAPLETREE Greater China Commercial Trust, Singapore's largest initial public offering in two years, closed at S$1.03 (83 US cents), up from its IPO price of 93 Singapore cents, after it listed on the Singapore Exchange yesterday.
The real estate investment trust, the fourth sponsored by Mapletree Investments, opened at S$1.02 and had surged to the highest price of S$1.045 during the half-day trading, up 12.4 percent from the IPO price.
According to Mapletree, the REIT was nearly 30 times oversubscribed and had raised close to S$1.7 billion in its IPO.
The trust is managed by Mapletree Greater China Commercial Trust Management, a subsidiary of Mapletree Investments. The company said the REIT's portfolio mainly focuses on China, including retail and office developments of the Festival Walk in Hong Kong and the Gateway Plaza in Beijing.
"For MGCCT, we're focusing on the first-tier cities, as well as second-tier cities like Chongqing, Chengdu and Wuhan,'' Chua Tiow Chye, board director of MGCCT, was quoted as saying by Channel NewsAsia.
"In the first-tier cities, it will be Shanghai, Suzhou and Nanjing - so these are the main growth areas of China which contribute more than 50 percent of the GDP for the overall China market," he said.
The real estate investment trust, the fourth sponsored by Mapletree Investments, opened at S$1.02 and had surged to the highest price of S$1.045 during the half-day trading, up 12.4 percent from the IPO price.
According to Mapletree, the REIT was nearly 30 times oversubscribed and had raised close to S$1.7 billion in its IPO.
The trust is managed by Mapletree Greater China Commercial Trust Management, a subsidiary of Mapletree Investments. The company said the REIT's portfolio mainly focuses on China, including retail and office developments of the Festival Walk in Hong Kong and the Gateway Plaza in Beijing.
"For MGCCT, we're focusing on the first-tier cities, as well as second-tier cities like Chongqing, Chengdu and Wuhan,'' Chua Tiow Chye, board director of MGCCT, was quoted as saying by Channel NewsAsia.
"In the first-tier cities, it will be Shanghai, Suzhou and Nanjing - so these are the main growth areas of China which contribute more than 50 percent of the GDP for the overall China market," he said.
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