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China has approved its first real estate investment trust (REIT) public offering, which will consist of office properties owned by China Vanke and managed by Penghua Fund Management, the country's largest property developer said on Tuesday. The REIT will list on the Shenzhen stock exchange, another source with knowledge of the matter said, and aims to raise several billion yuan.
REITs, common in most developed markets, give developers a new way to raise funds as property sales slow in an oversupplied market. The approval from the China Securities Regulatory Commission came on Monday, a Vanke spokeswoman said, and the office properties packaged in the REIT are in the Shenzhen free trade zone. She did not give more details. Penghua was not immediately available for comment. China's largest commercial property developer, Dalian Wanda Commercial Properties, and state-backed China Resources Land have also expressed an interest in launching REITs.

Copyright Reuters, 2015

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