why they didn't want to list in their own country?
May be these funds think that Singapore based investors are easily convinced and converted by yield based instruments.
(20-07-2013, 11:18 PM)pianist Wrote: [ -> ]why they didn't want to list in their own country?
(20-07-2013, 11:18 PM)pianist Wrote: [ -> ]why they didn't want to list in their own country?
As far as i understand, in the last 2 years, only HK and Msia have modified their rules to allow business trust type listing. SGX is the front runner when it 'opened up' in 2004. Because of this 7 year gap, it has built up a critical size/mass and reputation (so far, such trusts have not blown up like S-chips YET) that continues to attract 'new players'.
Some of the other foreign players who have listed non-sporean assets and non-GIC/Temasek influenced, as trust structure:
- Treasury China Trust (china real estate)
- HPT (HK ports)
- Croesus Retail Trust (Japan real estate)
- APTT (Taiwan Pay TV)
*do kindly correct if i got any information here wrongly or missed out anything*
(21-07-2013, 09:10 AM)weijian Wrote: [ -> ] (20-07-2013, 11:18 PM)pianist Wrote: [ -> ]why they didn't want to list in their own country?
As far as i understand, in the last 2 years, only HK and Msia have modified their rules to allow business trust type listing. SGX is the front runner when it 'opened up' in 2004. Because of this 7 year gap, it has built up a critical size/mass and reputation (so far, such trusts have not blown up like S-chips YET) that continues to attract 'new players'.
Some of the other foreign players who have listed non-sporean assets and non-GIC/Temasek influenced, as trust structure:
- Treasury China Trust (china real estate)
- HPT (HK ports)
- Croesus Retail Trust (Japan real estate)
- APTT (Taiwan Pay TV)
*do kindly correct if i got any information here wrongly or missed out anything*
TCT has been renamed Forterra, likely cos' of some lawsuits against the controlling shareholder (not sure if settled yet). DPU payment ceased since last one on Jun-11...
Another more recent one is Religare Health Trust (India Healthcare).
Also, Indiabulls Property Trust (India Industrial Properties), one of the earliest and which didn't live up to it's IPO DPU projection from listing in Jun '08 till Sep '12... must be the lowest (excluding those zero DPU ones) yielding trust at 0.3%...
(21-07-2013, 09:24 AM)KopiKat Wrote: [ -> ] (21-07-2013, 09:10 AM)weijian Wrote: [ -> ] (20-07-2013, 11:18 PM)pianist Wrote: [ -> ]why they didn't want to list in their own country?
As far as i understand, in the last 2 years, only HK and Msia have modified their rules to allow business trust type listing. SGX is the front runner when it 'opened up' in 2004. Because of this 7 year gap, it has built up a critical size/mass and reputation (so far, such trusts have not blown up like S-chips YET) that continues to attract 'new players'.
Some of the other foreign players who have listed non-sporean assets and non-GIC/Temasek influenced, as trust structure:
- Treasury China Trust (china real estate)
- HPT (HK ports)
- Croesus Retail Trust (Japan real estate)
- APTT (Taiwan Pay TV)
*do kindly correct if i got any information here wrongly or missed out anything*
TCT has been renamed Forterra, likely cos' of some lawsuits against the controlling shareholder (not sure if settled yet). DPU payment ceased since last one on Jun-11...
Another more recent one is Religare Health Trust (India Healthcare).
Also, Indiabulls Property Trust (India Industrial Properties), one of the earliest and which didn't live up to it's IPO DPU projection from listing in Jun '08 till Sep '12... must be the lowest (excluding those zero DPU ones) yielding trust at 0.3%...
thanks! this summary is important, to avoid being convinced, converted and confused!! haha!
Hi KopiKat,
Thanks for the corrections.
List of business trusts, their performance and DPU (updated in Jun2013)
http://www.sias.org.sg/files/SGXMarketUp...tings.html
- Besides Forterra Trust and Indian Bulls Property Trust that have basically gone down the road, we can't forget FSLT!
- So far, 3/15 Trusts (20% of them) have ceased/reduced DPU to a minimal. This seems to be a tad higher than the rate of S-chips with issue (remember it is ~15% based on d.o.g's postings previously). Nonetheless, sample size of Trusts may not be sufficient to make a fair comparison.
- 5/15 of these Trusts have listed in the last 1 year (From Jun2012 onwards). It is reminscent of the IPO spurt in 2007 (4 trusts listed)
- There are only 5 Trusts that have Sporean assets. They are exclusively infrastructure and hospitality based.
(21-07-2013, 09:10 AM)weijian Wrote: [ -> ]SGX is the front runner when it 'opened up' in 2004. Because of this 7 year gap, it has built up a critical size/mass and reputation (so far, such trusts have not blown up like S-chips YET) that continues to attract 'new players'.
Some of the other foreign players who have listed non-sporean assets and non-GIC/Temasek influenced, as trust structure:
- Treasury China Trust (china real estate)
- HPT (HK ports)
- Croesus Retail Trust (Japan real estate)
- APTT (Taiwan Pay TV)
*do kindly correct if i got any information here wrongly or missed out anything*
There are also the shipping trusts:
First Ship Lease Trust
Rickers Maritime Trust
Pacific Shipping Trust
PST was privatized. Regarding the other two, IMHO any sensible investor would say that they effectively blew up, though not from fraud but from poor management - they were both overleveraged and thus unable to cope with a low freight rate environment. In the case of FSLT, they also picked poor counterparties who have been defaulting. PST was the only one that could have been considered to be conservatively run.