【Dynasty REIT IPO 交流专区】Dynasty产托

icy97

傳李嘉誠Dynasty產托 獅城雙幣雙股上市

財經大中華圈12/09/2012 22:10
（香港12日訊）李嘉誠旗下房地產信托公司Dynasty REIT，傳計劃在新加坡以“雙幣雙股”形式上市，集資8億新元（約20億令吉）。

綜合外電報導，若成功上市，Dynasty產托將會成為全球第1隻以“人民幣/新元”產品。

外電引述消息指出，Dynasty產托料在本星期內獲新加坡交易所批准，最快于10月以新元及人民幣掛牌，惟Dynasty大股東ARA拒絕回應。

Dynasty產托是由長江實業持有13.9%的新加坡物業管理公司ARA分拆而來，分別在上海、南京及大連3個城市，持有3項商用物業。

香港證券交易所近年銳意發展“雙幣雙股”市場，如今或被新加坡搶去市場。

港交所去年9月起便容許公司以雙幣雙股形式上巿，但至今仍未有公司啟用。反觀新交所后發先至，今年4月才開始批准股票及ETF以雙幣雙股形式上市。[ChinaPress]

robinsonz

几时launch IPO？

icy97

robinsonz 发表于 18-9-2012 11:30 AM
几时launch IPO？

一切还只是传闻，有待证实。。只好等待。。

icy97

DJ UPDATE: Li Ka-Shing-Linked REIT to Launch Singapore IPO This Week -Sources
http://www.sharesinv.com/zh/articles/DJ187470/

09 October 2012 13:14  
SINGAPORE--A Singapore real estate fund manager backed by Hong Kong billionaire Li Ka-shing will start taking orders this week for a near US$800 million yuan-denominated initial public offering of a trust focused on China, people with knowledge of the deal said Tuesday.

The Dynasty REIT, sponsored by ARA Asset Management Ltd. (D1R.SG), would be Singapore's first IPO to be sold in the Chinese currency and the second such flotation outside mainland China. Mr. Li, one of Asia's richest men, and Singapore-listed ARA were also involved in the first offshore yuan IPO--the $1.6 billion offering in Hong Kong last year of Hui Xian REIT, which has stakes in Beijing office properties.

Singapore is positioning itself as an alternative to Hong Kong in the offshore yuan market, which has been growing rapidly. At the end of August, yuan deposits in Hong Kong totaled CNY552.3 billion, according to the Hong Kong Monetary Authority, jumping fivefold from July 2010, when Chinese authorities relaxed key rules for yuan's circulation in the territory. Singapore has more than CNY60 billion in bank deposits.

Yuan deposits are an important form of liquidity for investors and companies that trade in the currency.

One of the people with knowledge of the deal said earlier that ARA decided on denominating the deal in yuan because most of the assets are based in China and it believes in the long-term strength of the currency.

Still, Hui Xian REIT shares have fallen since they were listed, and another person had cautioned that this IPO may not be an easy sell amid worries about a moderating Chinese economy. At Tuesday's midday break, Hui Xian REIT was at 4.01 yuan, down 24% from its IPO price of CNY5.24.

Singapore is going up against London, Tokyo, Taipei, Luxembourg and Kuala Lumpur, Malaysia, among others in its effort to become the world's second offshore yuan-trading hub after Hong Kong. In July, the Singapore government said that under an agreement with China, one of the two eligible Chinese banks now operating in Singapore will be authorized as a clearing bank for yuan, also known as the renminbi.

A potential expansion of yuan trading into other countries could help China's goal of making the yuan a widely used currency for cross-border trade and investment. Since late last year, Chinese authorities have taken a number of small steps to foster global use of the yuan, including making it easier for yuan funds to move in and out of the mainland and giving foreign investors greater access to domestic securities markets.

Dynasty REIT plans to sell more than 1 billion units in the IPO and could file its preliminary prospectus to the Monetary Authority of Singapore as early as Tuesday, the people said.

ARA, a manager of offices, shopping malls, and logistics assets across Asia, said last month it had received approval from the Singapore Exchange to proceed with the listing of Dynasty REIT.

The fund manager plans to inject three Chinese commercial properties into Dynasty REIT's initial portfolio. The assets are in Shanghai, Nanjing and Dalian.

Singapore has a long history of REIT listings, and an investor base that likes assured yields from investments, as opposed to Hong Kong, where investors usually seek a first-day pop or capital growth.

REITs and business-trust offerings accounted for over 95% of the more than $7 billion raised in Singapore's larger IPOs last year, including the US$5.5 billion IPO by Mr. Li's Hutchison Port Holdings Trust. Singapore currently has 25 REIT listings with a total market capitalization of more than US$34 billion. Hong Kong has eight.

Singapore-listed REITs on average give an annual distribution yield of between 6% and 7%, offering an attractive investment in a low interest-rate environment. Some local banks offer just 0.25% interest on Singapore dollar deposits over a 12-month period.

東協細讀．Dynasty產託本週開售 獅城首個人民幣首發股

財經環球09/10/2012 22:00
（新加坡9日訊）據知情人士指出，新加坡泓富資產管理有限公司（ARA Asset Management Ltd.）旗下規模近8億美元（約25億令吉）的產托公司Dynasty于新加坡展開人民幣首發股，從本週開始接受申購。

泓富資產由香港富豪李嘉誠部分持股，該產托將專門投資中國市場。

若成功，Dynasty產托此次發售將成為新加坡首宗人民幣首發股，同時也是中國大陸以外第2宗人民幣首發股。

匯賢產托（Hui Xian Reit）去年在香港進行的規模16億美元（約49億令吉）首發股是中國內地以外第1宗人民幣首發股，該交易也與李嘉誠有關聯。

匯賢產托由泓富資產管理，在北京擁有一些辦公物業的權益 。

上述知情人士指出，Dynasty產托此次首發股計劃發售超過10億基金單位，並最早將在週二向新加坡金融管理局提交初步募股說明書。

泓富資產上月指出，Dynasty產托上市申請已獲得新加坡交易所批準。

泓富資產計劃將位于南京、大連和上海的3個商業地產作為注入Dynasty產托的首批資產組合。[ChinaPress]

icy97

Dynasty seeks up to $1b in dual-currency Singapore IPO
http://www.theedgesingapore.com/the-daily-edge/business/40493-dynasty-seeks-up-to-1b-in-dual-currency-singapore-ipo.html

Thu, 11 Oct 09:00  
Dynasty Real Estate Investment Trust, an investor in Chinese property backed by ARA Asset Management, is seeking as much as 5.4 billion yuan ($1 billion) in the first dual-currency initial public offering in Singapore.

Dynasty REIT plans to offer as many as 901.3 million units at 4.40 yuan to 4.70 yuan apiece, according to a prospectus filed with the Monetary Authority of Singapore yesterday. At the high end of the range, the REIT also plans to sell about 108.8 million units to Singapore-based ARA, while about 137.6 million units will be sold to so-called cornerstone investors, the prospectus shows.

The shares will be traded in both yuan and Singapore dollars, while Dynasty REIT will publish its financial statements in yuan, according to the document.

ARA is backed by billionaire Li Ka-shing, whose Hui Xian Real Estate Investment Trust remains the only stock denominated in the currency outside mainland China. Offering investors the chance to trade shares two currencies may boost appetite for Dynasty REIT’s IPO, after the yuan fell 2.9% against the Singapore dollar in the past year.

Yuan deposits in Hong Kong declined in August to the lowest level since May 2011 as weakened expectations for yuan appreciation offset new rules allowing non-residents to purchase the Chinese currency. Hui Xian has dropped 23% from its offer price of 5.24 yuan in April 2011.

Dynasty REIT, which is backed by commercial properties in the cities of Shanghai, Nanjing and Dalian, will invest in commercial real estate properties in China, according to the sales document. Standard Chartered Plc, DBS Group Holdings and Macquarie Group are managing the offering.

Dual Currency
Singapore Exchange has allowed securities including stocks and exchange-traded funds to be listed in two currencies since April. Hutchison Port Holdings Trust, which completed an IPO denominated in the US currency in March last year, started trading in both US and Singapore dollars on April 2 of this year.

In Hong Kong, Meilan International Holdings, a Chinese chemical producer, plans to raise more than US$100 million ($123 million) in what may be the city’s first dual-currency IPO, two people familiar with the matter said in August.

Singapore’s bourse said in July it plans to start listing securities denominated in the Chinese currency as it seeks to boost its position as an offshore yuan centre.

Depositors in Singapore hold about 60 billion yuan, the Straits Times newspaper reported in June, citing Ong Chong Tee, deputy managing director at the Monetary Authority of Singapore. Savings in Hong Kong fell 1.9% from the previous month to 552 billion yuan, the Hong Kong Monetary Authority said on Sept. 28. That’s down from a record 627 billion yuan at the end of November.

Dynasty REIT将在新加坡推出首个以双货币交易的IPO
http://www.sharesinv.com/zh/articles/34629/

2012年10月11日
以香港富豪李嘉诚为后盾及ARA资产管理(ARA Asset Management)为保荐人的房地产投资信托Dynasty REIT计划通过双货币交易的形式上市(dual-currency listing)，从而筹集约11亿元，这是新加坡第一项以人民币交易的首次公开售股(IPO)行动。在Dynasty上市后，其单位将在两个交易柜台进行交易，一个是以人民币计价(主要柜台)，另一个则以新元计价。这两个柜台将有相同数目的单位进行交易。Dynasty目前的产业组合包括中国3个商用产业，即南京国际金融中心、大连天兴罗斯福国际中心和上海盛邦国际大厦，总楼面面积约为35万476平方米。其中约24万3,657平方米的面积可供出租。这三个产业的平均独立估值约为77亿人民币。Dynasty的2013年每单位派息(DPU)预计将介于0.32-0.33人民币，获益率为7-7.3%。

启示：Dynasty将为投资者提供投资人民币(具升值潜能)的特有机会，人民币兑美元的汇率从2005年至2011年已上升了约28%，年复合增长率(CAGR)为4.3%。

yah52

到时又要做另一个"守负".

fbb05

不太看好这个IPO
可能会跌破IPO价钱

yah52

上次的IPO，我已成"守负"了，如有人要来，欢迎加入这"守负"俱乐部。

icy97

Dynasty REIT to raise up to $1b in IPO
http://www.theedgesingapore.com/the-daily-edge/business/40660-dynasty-reit-to-raise-up-to-1b-in-ipo.html

Thu, 18 Oct 22:57  
Dynasty REIT has announced an IPO price range of between 4.40 yuan and 4.70 yuan (between 85.5 and 91.5 cents) in the final IPO prospectus lodged with MAS.

This means the IPO will raise between $981.3 million and $1 billion.

Set to be Singapore's first yuan-denominated, It has forecast a distribution yield of between 7% and 7.3% for 2013.

icy97

Dynasty REIT: Everything you need to know
http://www.theedgesingapore.com/the-daily-edge/business/40701-dynasty-reit-everything-you-need-to-know.html

Mon, 22 Oct 22:17
Dynasty REIT was launched last week and will be Singapore’s first Renminbi (RMB) denominated Real Estate Investment Trust (REIT). It has been established with the investment strategy of principally investing in income-producing commercial real estate located in Mainland China, as well as real estate-related assets. The closing time for the IPO is 12pm, 24 October 2012, with an afternoon listing on SGX scheduled for 30 October

The offer price of per units of the Dynasty REIT is RMB 4.40 to RMB 4.70, equivalent to $0.855 to $0.915 per Unit. Over the past 5 years, the Singapore Dollar has depreciated 0.25% to the Renminbi in contrast to appreciating 16.50% to the US Dollar. The units of the Dynasty REIT will be quoted and traded in both RMB and SGD. Dynasty REIT will have two trading counters:  a primary RMB counter and a secondary SGD counter. This provides investors with the flexibility to buy or sell the Units through either counter. Trades made in the Dynasty REIT RMB counter will be settled through the SGX-ST in RMB while trades made in the SGD counter will be settled through the SGX-ST in SGD. The units are fully fungible and any units acquired via the Dynasty REIT RMB counter or the Dynasty REIT SGD counter can be traded on the other counter seamlessly.

Dynasty REIT’s initial portfolio comprises of:

• Nanjing International Finance Center, which has 51 stories of mixed-use office and retail building with two basement levels with a 95.5% committed occupancy rate as of 31 May 2012.
• Dalian Tianxing Roosevelt Center, a retail mall with 5 stories and 2 basement levels and a 93.2% occupancy rate as of 31 May 2012.  
• Shanghai International Capital Plaza, which includes 29 stories of a mixed-use office and retail building with one basement level and a committed occupancy rate of 86.8%.
  
  

Annualised, the forecast distribution yield of Dynasty REIT is 6.8% to 7.1% for 2012. This is based on the maximum and minimum offering prices. Based on these prices, the forecast distribution yield for the next year, 2013, is 7.0% to 7.3%. In the absence of an undertaking of a waived distribution of sponsor entitlements, the distribution yields would have been 3.2% for 2012 and 4.1% to 4.2% for 2013. The REIT sponsor [ARA Asset Management] has provided the Manager [ARA Trust Management (Dynasty) Pte. Ltd] with an undertaking that it shall waive (or shall procure the waiver of) entitlement to distributions on the sponsor units. Based on maximum to minimum offering prices, waivers amount to between RMB 6.9 million to RMB 7.2 million for the Forecast Period 2012 and thereafter between RMB 16.7 million to RMB 17.3 million for every financial year until the financial year ending 31 December 2017.

icy97

ARA cancels Dynasty REIT IPO after Religare, Astro shares slump
http://www.theedgesingapore.com/the-daily-edge/business/40783-ara-cancels-dynasty-reit-ipo-after-religare-astro-shares-slump.html

Wed, 24 Oct 18:25
ARA Asset Management, the manager of property trusts backed by billionaire Li Ka-shing, canceled what would have been Singapore’s first dual-currency initial public offering amid sluggish demand for new equity.

ARA suspended the IPO of Dynasty Real Estate Investment Trust, which is backed by commercial real estate in China and was set to trade in both yuan and Singapore dollars, according to a stock exchange statement today.

Recent IPOs in Southeast Asia including Religare Health Trust and Astro Malaysia Holdings have fallen since they started trading, dimming the allure of new equity. Li’s Hui Xian Real Investment trust, which last year completed the first yuan IPO outside China, is down 22% from its offer price.

“There has been a marked change in investor sentiment given the recent after market performance of several IPOs and a gradual worsening of the overall market conditions,” ARA said in the statement.

At up to 5.4 billion yuan ($1.05 billion), Dynasty REIT’s IPO would have been Singapore’s largest since Li’s Hutchison Port Holdings Trust raised US$5.5 billion in March last year. ARA said today it may consider a China-focused REIT later, and will continue to manage the properties in its private funds. Dynasty REIT is backed by commercial properties in Shanghai, Nanjing and Dalian, according to the IPO prospectus.

Singapore’s surging dollar may also have hurt the appeal of a yuan-denominated offering. The city-state’s currency has gained 5.9% against the U.S. dollar this year, the second-best performance among major currencies, data compiled by Bloomberg show.

IPO DROUGHT
IPOs have dwindled in Singapore and Hong Kong as turbulent global markets and Europe’s credit crisis weakened investor appetite for risk. In July, Reliance Communications. withdrew a US$1 billion ($1.22 billion) IPO of its undersea cable unit in Singapore, citing market conditions.

Seven of this year’s 10 biggest first-time offerings in Hong Kong have been priced at the low end of price ranges marketed to investors, data compiled by Bloomberg show.

ARA shares fell 1.3% to close at US$1.555 today in Singapore trading. The stock has risen 27% this year, outperforming the 15% gain in the benchmark Straits Times Index.

Standard Chartered Plc, DBS Group Holdings and Macquarie Group were managing the IPO.

李嘉誠Dynasty產託 新加坡首發股喊停

財經環球24/10/2012 22:30
（新加坡24日訊）香港富豪李嘉誠所持有，新加坡首宗人民幣首發股Dynasty產托以市況欠佳為由喊停。

由新加坡泓富資產管理有限公司（ARA Asset Management Ltd.）所持有的Dynasty產托原計劃籌資最多9.56億新元（約29億令吉）的人民幣計價首發股。

泓富資產在文告中指出，雖然Dynasty產托首發股認購得到機構和散戶投資者，及基礎投資者的大力支持，但全球市場疲弱狀況依然拖累總體市場，並有可能拖累上市后的表現，造成不利影響。

“公司已暫停Dynasty產托首發股，在與相關銀行家磋商后會發佈進一步信息。”

文告還指出，可能會考慮晚些時候發起設立一只專注于中國的產托。

Dynasty產托上週已展開認購，原定于本週三進行定價，並于10月30日在新加坡交易所上市。

李嘉誠旗下長江實業持有泓富資產13.9%股份。[ChinaPress]

盛世产业信托搁置上市计划
http://www.sharesinv.com/zh/articles/35176/

2012年10月25日
由房地产基金经理ARA资产管理(ARA Asset Mgt)作保荐人及香港富豪李嘉诚作后台的盛世产业信托(Dynasty REIT)基于市况欠佳，决定搁置在新加坡挂牌上市的计划。原定以人民币为货币的首次公开售股(IPO)活动估计将筹集高达9亿5,600万元(7亿7,800万美元)的资金，并将成为中国大陆以外的第二个人民币IPO。公司的初步组合包含三个分别位于中国上海、南京和大连的商产。亚洲富豪之首李嘉诚及在新加坡上市的ARA资产管理也有涉足于中国大陆以外的第一个人民币IPO，即在去年在香港上市的汇贤产业信托(Hui Xian REIT)。后者的IPO总值16亿美元，其业务涉及位于北京的办公楼。ARA资产管理是在向其银行顾问咨询意见后决定搁置盛世产业信托的IPO，直至另作公布。它也表示或会考虑在较迟时候设立以中国市场为主的房地产投资信托。

启示：尽管最近市场上陆续出现IPO，但全球经济增长疲弱依旧令人担忧，而ARA资产管理也基于这一点而认为，尽管盛世产业信托获得机构及散户投资者的大力支持，但其总体需求可能受抑制，并可能影响上市后的表现。

yah52

icy97 发表于 24-10-2012 10:56 PM
ARA cancels Dynasty REIT IPO after Religare, Astro shares slump
http://www.theedgesingapore.com/th ...

这是好消息，避免更多人成为另一个"守负"。