Singapore Welcome for Li Ka-Shing Retail Trust

By Condie, Bill | The Evening Standard (London, England), July 8, 2003 | Go to article overview

Singapore Welcome for Li Ka-Shing Retail Trust


Condie, Bill, The Evening Standard (London, England)


Byline: BILL CONDIE

HONG KONG property developer Cheung Kong, controlled by Asia's richest man, Li Ka-shing, announced today that it will sell five Hong Kong shopping centres to a Singapore unit trust for HK$3.05 billion-$3.11 billion ([pounds sterling]230 million-[pounds sterling]240 million) in cash and then take a significant stake in the firm.

Singapore commentators welcomed the first locally-listed property trust invested in Hong Kong properties, and praised its auspicious name - Fortune Real Estate Investment Trust - which was considered a lucky omen. However, the luck will not rub off on Hong Kong retail investors, as Cheung Kong said the trust would not be marketed to them.

Cheung Kong will subscribe to between 21.4% and 37.4% of Fortune REIT's units while its sister firm Hutchison Whampoa will subscribe to about 12.5%.

Meanwhile, Hong Kong regulators continue to work on rules for a REIT market at home that will not be ready until August. Cheung Kong shares were up 1.88% at HK$48.70.

Lianhua Supermarket Holdings, China's largest retail chain which listed just two weeks ago, was down 1.6% on the day at HK$4.57 but 8.2% higher than at its debut.

Hong Kong's Hang Seng index was up 134.6 points at 10,027.0 on the region-wide rally in tech stocks in reaction to strong overnight gains in the US, where the Philadelphia Semiconductor index rose 7.2%. QPL International, which makes integrated circuits, was up 6.3% to HK$1.68 while China's top computer maker, Legend Group, rose 3.73% to HK$2.97.

In Tokyo, the Nikkei broke through 10,000 for the first time since August, but fell back to close at 9898.72, a net gain of 103.56. Technology issues led, with NEC heading higher for the second day, up 4% to 832 yen. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Singapore Welcome for Li Ka-Shing Retail Trust
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.