Dynasty REIT is offering 893,162,000 to 900,832,000 units at an offering price of between RMB 4.40 to RMB 4.70 or S$0.855 to S$0.915. The offer will close on 24 Oct 2012 at 12pm and start trading on 30 Oct 2012 (Mark this date for the "LKS" effect). Between 839.274m to 846.944m units will be offered to the Placement and 53.888 units will be offered to the public.

The prospectus is here and my previous preview is here.

Dynasty REIT invests into commercial real estate in China. The initial portfolio comprise Nanjing International Financial Center, Shanghai International Capital Plaza and Tianxing Roosevelt Center. The pictures below for your ease of reference.

Distribution Forecast

The annualized yield is between 6.8% to 7.1% for FY 2012 and 7.0% to 7.3% for FY2013. Please note the following "unique" financial engineering features.

There is ...