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UPDATE 1-ARA eyes yuan REIT listing in Singapore
(Adds name of banks, other details)
SINGAPORE, March 21 (Reuters) - ARA Asset Management Ltd , part-owned by Hong Kong billionaire Li Ka-shing's Cheung Kong (Holdings) Ltd, is considering the listing of what would be Singapore's first yuan-denominated property trust.
"One of the opportunities which the company is exploring includes the possible establishment and listing of a yuan-denominated real estate investment trust (REIT) with assets located in the People's Republic of China," ARA said in a stock market filing.
Sources familiar with the deal said Citigroup, DBS Group and Standard Chartered have already started working on the planned listing.
Citi and DBS declined to comment while Stanchart could not be reached.
Dow Jones said in a report on Tuesday that ARA will inject Chinese properties now held by its unlisted Dragon Fund II into the REIT.
ARA now manages six listed REITs, including Suntec REIT in Singapore and Hong Kong's Hui Xian REIT.
Hutchison Whampoa Ltd, another firm linked to Li, has a business trust listed in Singapore called Hutchison Port Holdings Trust that owns container port assets in Hong Kong and Shenzhen. (Reporting by Kevin Lim and Charmian Kok; Editing by John O'Callaghan)
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