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. The major shopping malls include the Metropolis Mall in Hung Hom, Ma On Shan Plaza, Metro Town in Tseung Kwan O and a mall in City One Shatin. 'All of our properties are in Hong Kong. And Hong Kong people are more active in the stock market,' Chiu said. 'I believe Hong Kong investors will welcome our listing.' An analyst said Hong Kong investors had lost interest in property trusts in recent years, with the exception of the Link Reit. 'Even though the management of the Link Reit has changed frequently, its property portfolio is attractive and rental income is expected to increase under the current enhancement programme,' he said. 'The properties owned by the other property trusts are in second- or third-tier locations. It gives investors an impression that developers use property trusts to cash in rather than to make profit for the investor.' Compared with Hong Kong investors, he said investors in Singapore were more actively involved in property trust investments because of government tax incentives. Fortune Reit recorded an 11.6 per cent increase in distributable income of HK$337.8 million last year from a year ago. Its portfolio occupancy rose 3.3 percentage points to 96.4 per cent by the end of last year. Its net profit income surged 6.8 per cent to HK$494.66 million during the year. Shares of Fortune Reit closed unchanged at HK$3.15 yesterday in Singapore.