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 中国基金系列: 价值200亿香港REIT提前年底上市 |
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青青
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Business Times - 29 Oct 2004
Landmark HK Reit IPO to raise HK$20b
Housing Authority brings forward launch by 3-4 months to Dec
(HONG KONG) The world's largest public offering for a real estate investment trust is to be launched by Hong Kong's Housing Authority in a landmark deal that will raise HK$20 billion (S$4.3 billion) from the listing of shops and car parks, the Financial Times reported.
The decision to unveil it in December, some three to four months earlier than expected, is a sign of the government agency's confidence in investors' interest in the territory's first-ever Reit.
The presence of CapitaLand - the property group that controls two Reits in Singapore - as the strategic partner for Link Management, the vehicle set up to manage the Reit, might help to attract institutional investors. CapitaLand, South-east Asia's largest property and hotel group, will invest US$18O million in the Reit.
A successful deal by the Housing Authority could boost the Asian market for Reits - which are widely used in the US and Australia - by enticing some of the region's many property companies to use the vehicles to raise funds.
The Hong Kong government hopes the deal will plug an expected deficit in the finances of the agency, which provides housing for the poor, and help the territory's stock exchange to compete with the Singapore bourse as a market for Reits, the FT says.
People close to the deal told the paper the Housing Authority, which had stated it wanted to complete the deal before the end of March next year, had decided to launch the Reit in December.
They warned the timetable could still change but said the agency held a meeting with analysts in the past few days - the first formal step towards a listing.
Reits are favoured by developers as they enable companies to pool real estate assets that are worth more together than individually. Many investors prefer buying into Reits rather than property groups as they pay most of their net income in dividends and tend to trade at less of a discount to their net asset value.
Asian developers, many of which are still family-controlled have so far spurned the vehicles as they are reluctant to give up direct control of their assets. Analysts said retail investors' demand would be crucial to the success of the Reit, which will include about one million square metres of shopping centres and wet markets, and about 100,000 car parking spaces.
It is believed up to 40 per cent of the Reit could be offered to Hong Kong retail investors, who usually flock to buy into listings of government assets.
The Housing Authority has said the proceeds from the deal would be used to deal with 'serious financial difficulties'.
A government decision to end the construction and sale of subsidised flats in 2002 is forecast to plunge the agency into deficit.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 中国基金系列: 价值200亿香港REIT提前年底上市 -- 青青 - (2876 Byte) 2004-11-02 周二, 23:14 (1805 reads)
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