, Hong Kong

New Century Real Estate to IPO

Scheduled to list in Hong Kong July 5.

New Century Real Estate Investment Trust intends to raise some US$254 million through an initial public offering. The company is backed by private-equity company Carlyle Group LP.

New Century plans to price its IPO between HK$3.40 and HK$4.20 a unit and is offering to pay a dividend yield of 6.5% to 7.8% for this year. The company began taking institutional investors’ orders last weekend.

Real estate investment trusts or REITs and trust listings have been in demand since the start of the year. U.S. Treasury yields are rising, however, meaning that yields offered by REITS in Hong Kong and Singapore are becoming less attractive.

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