After the failed Dynasty REIT IPO, it is interesting to see Mapletree attempting to list another China based REIT. The sponsor Mapletree has listed several well performing IPOs, including Mapletree Commercial Trust, Mapletree Logistics Trust etc. and is therefore very experienced with running REITs. With such a strong brand name, it will definitely be worth a look to see how attractive is the value proposition.

The offering price is from $0.88 to $0.93. The plan is to raise up to $1.68 billion dollars, which is much bigger than MCT’s $949 million offering. NAV per unit is listed at $0.91, so assuming it lists at top range it will be a slight premium of 2% to NAV.

The investment mandate includes Hong Kong, first tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen as well as second tier cities such as Chengdu, Chongqing, Foshan, Hangzhou, Nanjing, ...