Business Digest, October 11, 2012

PUBLISHED : Thursday, 11 October, 2012, 12:00am
UPDATED : Thursday, 11 October, 2012, 3:03am

Reit launching IPO in yuan and S$

Dynasty Real Estate Investment Trust, an investor in Chinese real estate backed by ARA Asset Management, is seeking as much as 5.4 billion yuan (HK$6.7 billion) in the first dual-currency initial public offering in Singapore. Dynasty plans to offer as many as 901.3 million units at 4.40 yuan to 4.70 yuan apiece, its prospectus says. It also plans to sell about 108.8 million units to Singapore-based ARA, backed by billionaire Li Ka-shing. About 137.6 million units will be sold to cornerstone investors. The shares will be traded in yuan and Singapore dollars. Bloomberg

Toyota starts global recall of 7.4m vehicles

Toyota Motor began recalling about 7.43 million vehicles worldwide, equivalent to 93 per cent of its vehicles sold last year, after the carmaker detected a possible flaw that could lead the power-window switch to melt or catch fire. The recall affects about 2.47 million vehicles in the United States, 1.4 million in China (including about 6,000 in Hong Kong) and 1.39 million in Europe - some produced as far back as 2007. Bloomberg

AIA to buy Malaysian insurer from ING

AIA has agreed to buy ING's Malaysian insurance unit and is expected to pay US$1.5 billion to US$1.7 billion. A deal could be announced as early as today, although last-minute regulatory approvals could delay the official announcement, people familiar with the deal said. Reuters