Chinese property tycoon Tong Jinquan has purchased 193.8 million units in Singapore-listed Retail REIT Lippo Malls Indonesia Retail Trust. The units were purchased via a subsidiary company of Shanghai Summit Private Limited, Wealthy Fountain Holdings.
|Lippo Malls Indonesia Retail Trust has recently completed a placement exercise to raise funds for possible acquisition.|
The units were purchased via a market transaction for a price of S$0.405 per unit giving a total transaction valued at approximately S$78.4 million. The purchase increases the baron's total holdings in the REIT to 198.1 million units, representing a 8.1 per cent stake. Wealthy fountain holdings previously held just over 4 million units in the REIT.
Tong Jinquan reportedly holds a net worth of some US$2.3 billion and was a prominent investor in Perennial China Retail Trust (PCRT)’s IPO in May 2011. Last November he was issued shares worth S$200 million to become a cornerstone investor in the Viva Industrial Trust IPO.
Units of Lippo Malls Indonesia Retail Trust closed the trading day flat at S$0.41.