REIT prepares HK IPO

The GZI Real Estate Investment Trust, China's first property trust offering, is expected to raise US$204 million from its Hong Kong IPO, according to the Dow Jones Newswires, citing a term sheet. The REIT, offered by state-run Chinese developer Guangzhou Investment, will sell 583 million units to the public, or 58.3% of total units. The REIT consists of four properties in the southern Chinese city of Guangzhou, worth a total of US$516 million.