Reader: Recently i come across an interesting pre-ipo for Philippines REIT during their roadshow at Raffles place. This company acquires residential property from Singaporean whom has property in Philippines. In exchange for the property they would issue preference share equivalent to the property price. They only acquire those property which is ready and fully paid. Thereafter they will just refurbish and rent/lease out for short term and long term stay. Short term would be those Air Bnb or tourist type. Long term would be expat or local people who is working near CBD area. So far they had acquired some 'condotel' means condominium within hotel. And some project will be completed this year and early next year. They plan to get listed in Philippines in 3 years time and now they are inviting investors to invest in pre-ipo preferred shares. Two type of investment is capital repayment with 6% (2 yr)+5%(3yr). The second type is capital convert to preference ......