Chinese billionaire property developer Tong Jinquan has transferred 13 million units of Singapore listed industrial stapled security Viva Industrial Trust (VIT) (SGX:T8B) from a company he owns, Wealthy Fountain Holdings, to his name.
Wealthy Fountain Holdings is wholly-owned by Tong Jinquan through his direct interest in Shanghai Summit Pte Ltd.
A filing with the Singapore Exchange indicates that the transfer was done on 18 July 2014 at a price of SGD0.78 per unit, bringing the estimated amount of funds moved to about SGD10.1 million.
With the transfer, Tong is now deemed to own a total of 52.873 million units in VIT, representing a stake of 8.83% in the stapled security while Wealthy Fountain Holdings continues to hold on to 332.5 million units in VIT, representing a stake of about 55.55%.
Units of VIT are currently listed on the Singapore Exchange at SGD0.805.
Tong is known to be an avid investor of Singapore-listed REITs and stapled securities. Besides VIT, the billionaire has substantial holdings in industrial REITs Sabana REIT and Cambridge Industrial Trust, and retail REIT Lippo Malls Indonesia Retail Trust.