New Century REIT has received a resounding general mandate to buy-back units of the REIT from the market.
The mandate was received via the passing of an ordinary resolution at the REIT’s annual general meeting on 3 June.
Approximately 100% of unitholders who participated in a poll to approve the resolution agreed to the buy-back scheme.
New Century REIT is the first China-based hotel REIT in the world, with a portfolio of six properties across the country.
The REIT joins another Hong Kong-listed REIT, Link REIT, with a mandate to buy-back units from the market.