China property tycoon increases stake in Cambridge Industrial Trust

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Shanghai-based property developer Tong Jinquan has increased his stake yet again in Singapore-listed Industrial REIT Cambridge Industrial Trust (CIT)(SGX:J91U). The additional units were purchased on 1 February via a subsidiary of a company he owns known as Wealthy Fountain – a unit of Shanghai Summit Pte Ltd.

Wealthy Fountain purchased 4.3 million units of CIT at a price that was not disclosed in documents filed with the Singapore Exchange. Units of CIT traded between SGD0.715 to SGD0.725 on the day.

The purchase increases Tong Jinquan’s stake in CIT to 137.3 million units translating into a stake of 11.01% in the REIT.

Last February, Wealthy Fountain purchased 8.2 million units of CIT for a total price of SGD5.91 million, translating to about SGD0.72 per unit. 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 CIT closed the trading day flat at SGD0.72 on the Singapore Exchange.

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