Carlyle-Backed New Century REIT To Launch In Hong Kong


The Carlyle Group-backed New Century Real Estate Investment Trust is planning to raise US$254 million in an IPO in Hong Kong, according to media reports.

The IPO is to be priced between 3.40 to 4.20 Hong Kong dollars ($0.44 to US$0.54) per unit, as well as a dividend yield of 6.5% to 7.8% for this year.

New Century began taking institutional investors’ orders on June 20 and is scheduled to list on July 5, according to the reports.

The Carlyle Group invested in New Century six years ago in 2007, and planned an IPO of New Century in 2008. That plan was delayed due to market and regulatory conditions.

As of November 2011, New Century Tourism Group operates 100 hotels in China. Its total number of guestrooms exceeds 30,000, the second in China, according to its website.

 

RELATED NEWS