Fortune Real Estate Investment Trust, Li Ka-shing's Singapore-listed property fund, is seeking a dual primary listing in Hong Kong by way of introduction.
ARA Asset Management, the manager of Fortune Reit, said it had obtained the approval from the Singapore Exchange Securities Trading and was awaiting the consent of unit holders at an extraordinary general meeting.
The listing also has to win the approval of Hong Kong's Securities and Futures Commission. DBS Bank has been appointed as the financial adviser for the introduction.
Justin Chiu Kwok-hung, the chairman of ARA Asset Management, yesterday said the transaction volume of Fortune Reit units in Singapore had been low in recent months due to the weak US dollar.
'It will increase the liquidity of the units if we also list in Hong Kong,' Chiu said.
The trust was listed in Singapore in 2003.
Fortune Reit owns 14 retail properties in Hong Kong.