Singaporean property trust Dynasty REIT plans to float the city-state’s first renminbi-denominated IPO, The Wall Street Journal reported, citing sources close to the deal. The trust, funded by Hong Kong billionaire Li Kashing and sponsored by ARA Asset Management (D1R.SGX), will look to raise US$800 million from the IPO. Dynasty hopes to sell more than one billion units. The offering will take subscriptions for its shares this week and could submit its initial prospectus to the Monetary Authority of Singapore as early as next Tuesday. Property manager ARA, which is part owned by Li, plans to add three Chinese commercial properties into Dynasty’s portfolio. The properties are located in Shanghai, Nanjing and Dalian. ARA chose to denominate the IPO in renminbi because its properties are located in China. It also considered the currency to have long-term appreciation value.