Hui Xian REIT Twice Oversubscribed

(Beijing) -- Hui Xian Real Estate Investment Trust, a yuan-denominated real-estate investment trust (REIT) controlled by Hong Kong tycoon Li Ka-Shing, closed its initial public offering on April 19, with its shares reportedly twice oversubscribed.

The IPO sold 40 percent of the company, or 2 billion units, priced at the lower end of an indicative range of 5.24 yuan to 5.58 yuan per share. Twenty percent of the subscription came from retail investors in Hong Kong; the other 80 percent belong to overseas institutional investors and hedge funds. Hui Xian REIT will start trading in the Hong Kong stock exchanges on April 29.