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.