Billionaire Li Ka-shing launched Hong Kong’s first renminbi-denominated real estate investment trust (REIT) on Sunday with a view to raising up to US$1.4 billion through an initial public offering, South China Morning Post reported. The Hui Xian REIT – scheduled to list on April 29 – will offer 2 billion units at a price of RMB5.2-5.58 (US$0.79-0.85) per unit. Trades will be made and settled in renminbi and dividends will also be paid in the Chinese currenc. REIT Chairman Kam Hing-lam said the issue will help promote the globalization of the renminbi, for which there are currently few investment products. At the end of February, Hong Kong had about US$51.5 billion in renminbi deposits. The REIT’s assets include the Oriental Plaza shopping mall and office complex in central Beijing as well other grade-A office towers and serviced apartments. Hui Xian expects to generate profit of US$21.4 million and revenue of US$61.8 million between its debut and June 30, returning a yield of up to 4.26%.