Since the last quarter of 2018, First REIT share price has languished and plunged more than 25% due to the Indonesian corruption probe involving its sponsor and main tenant Lippo Karawaci. At the lowest point, it dropped to S$0.92 per unit which is substantially lower from the S$1.30 per unit days. The concern over potential rental default by Lippo Karawaci over its worsening creditworthiness cast a dark cloud over First REIT. The market situation is further exacerbated by bad news that the upcoming renewal of master leases of the first few hospitals due in 2021 will be on new unfavorable terms and conditions with regard to the use of Rupiah instead of Singapore dollars which will subject First REIT to adverse forex exposure.  With the announcement by Lippo Karawaci that it is intending to raise USD 1 Billion in funding to shore up liquidity and cut down bank loans,...