The upcoming Dynasty REIT IPO is something which caught my interest. The sponsor, ARA Asset Management is also the sponsor for many listed SREITs such as Cache, Suntec etc. and ARA is an affiliate of the Li Ka Shing Chueng Kong Group. The REIT assets are a combination of retail and office assets located in China. There will be dual currency trading of RMB and SGD for the REIT. The offering price is from $0.86 to $0.92 per unit. Based on current market sentiments, chances are that the REIT will IPO at the top range. The NAV per unit is approximately RMB 4.79 or $0.936 per unit, so it will be at a slight discount to NAV. The initial properties are located in Nanjing, Dalian and Shanghai. As you can see from the table, the purchase consideration is actually higher than all of the valuations. The ......