Dynasty REIT Seeking Up to $851 Million in Singapore IPO

Dynasty Real Estate Investment Trust, an investor in Chinese property backed by billionaire Li Ka-shing, is seeking as much as 5.4 billion yuan ($851 million) in Singapore’s first dual-currency initial public offering.

Dynasty REIT, which is managed by Singapore-based ARA Asset Management Ltd., will have units denominated in both yuan and Singapore dollars, according to a prospectus filed with the Monetary Authority of Singapore yesterday. The company is attempting the city-state’s biggest IPO this year.