New Century Resort Qiandao Lake Hangzhou, a property of New Century REIT. (Photo: New Century REIT)

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.

Related: Link REIT strikes out 5.1 million units from circulation amid COVID-19 slump

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.