SINGAPORE, Oct 24 (Reuters) - 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 market conditions.
The offering would have been Singapore’s first yuan-denominated REIT.
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)