[photopress:Tianjin.JPG,full,alignright]Tianjin has reportedly asked China’s central government to use the northern city as the site to issue the country’s first domestic real estate investment trust which is a REIT, an acronym beloved of financial journalists and standing for Real Estate Investment Trust.
An article in the South China Morning Post quotes the Tianjin Mayor, Dai Xianglong, as saying he has applied to the government to establish a pilot program of a REIT sale. The proposal is at a very early stage, the newspaper said, citing Daniel Yin, the CB Richard Ellis managing director for Tianjin.
A REIT sale will attract capital and investment in the Binhai New Area, a massive economic development zone being built in Tianjin, and is expected to be a platform for technological and financial pilot projects.
Source: Shanghai Daily