The manager of Cheung Kong (Holdings)'s 30 per cent-owned, Singapore-listed Fortune Real Estate Investment Trust (reit) has brushed off suggestions that the trust should urgently obtain a secondary listing in Hong Kong to increase investor interest. John Lim, the group chief executive at Singapore-based Ara Asset Management, said that while the firm had been discussing a listing with Hong Kong regulators, he was presently more concerned about growing the size and yield of the reit's portfolio. 'The issue of getting a secondary listing [in Hong Kong] is important but not critical,' Mr Lim said. 'We are talking to the regulators and this is very sensitive. 'We are not short of liquidity and we're not short of growth. So there is no really urgent need to list in Hong Kong.' Ara was set up by Cheung Kong in 2002. The company has two reits and two institutional property funds with combined assets of about US$2.6 billion under management. Mr Lim said a reit could not be governed both by Hong Kong law and Singapore law due to differences in legal requirements between the two jurisdictions. Justin Chiu Kwok-hung, an executive director of Cheung Kong and also chairman of Ara, added that the lack of a regulation in Hong Kong that would permit a secondary listing for a reit remained the biggest hurdle that the company needed to overcome. The Fortune reit manages about US$1 billion worth of assets, including 11 malls and properties across Hong Kong. It had a market capitalisation of about $4.8 billion at the end of last month. Mr Lim also refused to confirm earlier reports that Fortune would acquire up to $6 billion worth of commercial properties from Cheung Kong in preparation for a secondary listing. 'We are continuing to look for more to buy but not necessarily form Cheung Kong. We are negotiating with all parties whenever and wherever malls are available.' He restated the firm's long-term target of boosting Fortune's portfolio to between US$3 billion and US$4 billion in three to five years. Meanwhile, Cheung Kong said the first phase of sales at Cairnhill Crest, its latest residential project in Singapore, had met with an 'enthusiastic response', with all 20 units sold within four days.