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SINGAPORE: Singapore-listed developer GuocoLand, a firm linked to Malaysian billionaire Quek Leng Chan, said today it had no plans to set up a real estate investment trust (REIT), dismissing a report in the Business Times newspaper.GuocoLand rose as much as 2.7 per cent today after paper said it may float two real estate investment trusts with assets of up to S$8 billion (US$6.2 billion) in the next 3-5 years.
“GuocoLand wishes to clarify that the group currently has no plans to establish a real estate investment trust,” it said in a filing to the Singapore Exchange.
“The group will review this as a possible strategy to extract value from its property portfolio, at the appropriate time,” it added.
By Reuters
