Beijing municipality has applied to the securities regulator to package five public rental projects as real estate investment trusts, Sina.com reported today, citing an unidentified city housing bureau official.
The proposed REITs will include 2,000 to 3,000 social housing units, and is being formed in partnership with UBS AG’s Chinese joint venture UBS SDIC, the news website reported. The pilot project is aimed at solving the long-term financing needs of social housing, Sina said.
To contact Bloomberg News staff for this story: Daryl Loo in Beijing at firstname.lastname@example.org
To contact the editor responsible for this story: Joshua Fellman at email@example.com