SINGAPORE Oct 24 ARA Asset Management
said on Wednesday it is suspending Dynasty Real Estate
Investment Trust's planned initial public offering, worth up to
5.41 billion yuan ($866 million), due to a worsening in overall
The offering would have been Singapore's first
Dynasty, managed by a unit of property fund manager ARA
Asset Management Ltd, planned to offer between 893.2
million and 900.8 million units to investors at 4.40 to 4.70
yuan each, or S$0.855 to S$0.915 each.
ARA, part-owned by Hong Kong tycoon Li Ka-shing's Cheung
Kong (Holdings) Ltd, planned to inject three Chinese
office and retail properties in Nanjing, Dalian and Shanghai
into the trust.
DBS Group, Standard Chartered and Macquarie are
the joint global coordinators, underwriters and issue managers
for the IPO.
($1 = 6.2480 Chinese yuan)
(Reporting by Charmian Kok)