Shanghai-based property developer Tong Jinquan has increased his stake in Singapore-listed Industrial REIT Cambridge Industrial Trust (CIT)(SGX:J91U). The additional units were purchased on 21 February via a subsidiary of a company he owns - Shanghai Summit Pte Ltd. The subsidiary is known as Wealthy Fountain.

A property in the portfolio of Cambridge Industrial Trust

Wealthy Fountain purchased 8.2 million units of CIT for a total price of SGD5.91 million, translating to about SGD0.72 per unit. With the purchase, Shanghai Summit is deemed to have a stake in 103.8 million units in the REIT.

Besides CIT, Tong is also a cornerstone investor in other Singapore-listed real estate security such Viva Industrial Trust and Lippo Malls Indonesia Retail Trust. Units of the REIT closed the trading day flat at SGD0.72 from the previous session on the Singapore Exchange.