SINGAPORE (July 1): Qianhai Authority, a statutory body of Qianhai Cooperation Zone in China, has, through its wholly-owned subsidiary, Qianhai International Holdings, has emerged as a new substantial shareholder of BHG Retail REIT.
Qianhai International Holdings is a wholly-owned subsidiary of Qianhai Financial Holdings, which is in turn, a wholly state-owned financial holding company founded by the Qianhai Authority of China.
In a July 1 filing, Qianhai International Holdings has bought some 101.5 million units via an off-market transaction, at a total cost of $58.9 million, or 58 cents per unit.
This brings Qianhai International’s total stake in BHG Retail REIT to 19.92%. Previously, Qianhai International did not own any units in the REIT.
In a separate filing on the same day, China Citic Bank Asset Management ceased to be a substantial shareholder of the REIT when it sold 68,125,000 units at the same price of 58 cents per unit. This brings China Citic Bank’s stake in BHG Retail REIT to 0%, from its previous 13.37%.
The transaction also took place via an off-market transaction.
Units in BHG Retail REIT closed at 61 cents on Wednesday prior to the announcement.
