SunCity plans to launch Malaysia's largest REIT next year - report |
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Published
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Mon, 22 Oct 2007 02:49
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KUALA LUMPUR (Thomson Financial) - Property developer Sunway City Bhd (SunCity) plans to float next year Malaysia's largest real estate investment trust (REIT), worth 3 billion ringgit, the New Straits Times reported Monday.SunCity's preference is to list the trust in Malaysia, although Malaysia does not offer much in the way of incentives for the listing of REITs, the newspaper quoted an unidentified source as saying.So the company is also considering listing the trust at the Singapore Exchange to get better returns, the newspaper said.SunCity plans to inject two of its shopping complexes, Sunway Carnival and the newly-expandedSunway Pyramid, into the REIT to raise funds for major projects, the newspaper said.(1 US dollar = 3.36 ringgit)munfoo.hong@thomson.commfh/jm/msCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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