China’s First Tunnel REIT Gets Listed in Shanghai
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China's first real estate investment trust (REIT) with a tunnel as its underlying asset has been listed on the Shanghai Stock Exchange, raising CNY4.7 billion (USD689 million). Launched by Shanghai Tunnel Engineering Company and managed by Orient Securities Asset Management, the REIT is based on the Qianjiang Tunnel in Hangzhou. The listing attracted over CNY250 billion in subscriptions, setting a record for highway-related REITs. The tunnel is expected to generate CNY7.7 billion (USD1.1 billion) in toll revenue by 2039, benefiting REIT investors. STEC shares closed 0.3% lower at CNY6.15 today.
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