Shanghai based billionaire property developer Tong Jinquan has purchased 2.068 million units of Singapore-listed industrial REIT Cambridge Industrial Trust (CIT) (SGX:J91U) on 2 September.

The units were purchased for a total sum of SGD1,468,280, translating to a price paid of about SGD0.71 per unit. They were acquired via a market transaction.

With his latest ourchase purchase, Tong’s direct interest in the REIT now stands at 40.884 million units representing a stake of about 3.256%. Meanwhile the billionaire’s deemed interest, through various solely-owned enterprise such as Wealthy Fountain Holdings, now stands at 148.5 million units representing a stake of about 11.8%.

The Chinese billionaire is known to be an avid investor of Singapore-listed REITs and property trusts. Besides CIT, Tong has substantial holdings in Sabana REIT, Croesus Retail Trust and Lippo Malls Indonesia Retail Trust.

Units of CIT are currently listed on the Singapore Exchange at SGD0.71 - the same price at which is believed to have been paid by Tong.