On 19 May, I did a relatively lengthy blog post on why I found Perennial China Retail Trust (PCRT) unattractive as an investment. At that time, they were going to price it between 70c to 76c per unit. Ultimately, the trust was offered at 70c per unit, the lowest price in the range, and it was only 1.6x subscribed. The suggestion that the market is not enthusiastic about the IPO is not far off the mark. Today, it closed at 61c or 12.86% lower than its IPO price of 70c. A weak debut? That would be an understatement. Would I be interested in PCRT if its price were to weaken further? Yes, I would be interested if its distribution yield for 2011 were to be much higher than the 5.3% at its IPO price of 70c. At today's closing price of 61c, its distribution yield has improved to ......