There are 2 IPOs going on the market this week, one being the Manulife US REIT and the other another Oxley bond issue (5.15%, 4 years), since I've covered Oxley bonds before (here), I'm going to cover the Manulife US REIT, which is the first pure-play US REIT to be listed in Asia, which would make it a convenient way to diversify into US property. It is also listed in US dollars, but for the initial public offering here, investors will pay in Sing dollar ($1.138 per unit). The P/E ratio of the REIT for 2015 is quite high at around 20 and unlike some local REITs, it has a negative fair value change. If we add don't count in the fair value change, it has a P/E ratio closer to 19. The P/E ratio seems quite high, especially if we compare it to the other ......