Sabana Shari'ah Compliant REIT's New Tech Park. (Photo: REITsWeek)Sabana Shari'ah Compliant REIT's New Tech Park. (Photo: REITsWeek)

Chinese billionaire Tong Jinquan purchased 2.8 million units of Singapore-listed industrial REIT Sabana Shari’ah Compliant REIT (SGX:M1GU) on 6 May.

The units were purchased via his solely-owned enterprise Shanghai Summit which executed the acquisition via its wholly-owned subsidiary Wealthy Fountain Holdings.

The units were purchased for a total price of SGD2.912 million, translating to a price of SGD1.04 per unit and increases Tong’s total holdings in the REIT to 41.9 million units. This represents a stake of about 6.05%.

Besides Sabana REIT, Tong has substantial holdings in other Singapore-listed REITs such as Cambridge Industrial Trust and Lippo Malls Indonesia Retail Trust.

Units of Sabana REIT closed the trading at SGD1.03 on the Singapore Exchange.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.