Stake changes: Chinese tycoon Tong Jinquan cuts ESR-REIT stake

ESR-REIT property near Singapore’s Tai Seng MRTESR-REIT property near Singapore’s Tai Seng MRT

Tong Jinquan, a Chinese mogul and the largest unitholder of ESR-REIT, has sold off part of his holding in the REIT.

Leading Wealth Global, which is indirectly wholly owned by Tong Jinquan, sold 189.97 million units of ESR-REIT for S$80.36 million in an off-market transaction on 29 December, taking its direct interest down to 10.72 percent from 15.43 percent, according to a filing to SGX Thursday by Vicky Tong.

Tong Jinquan holds a direct 4.29 percent stake in ESR-REIT, but his deemed interest via multiple entities, fell to 11.95 percent from 16.66 percent, taking his total interest to 16.24 percent from 20.95 percent, the filing said.

Tong Jinquan is the chairman of privately held Chinese real estate developer Summit Property Development. He is No.1,174 on Forbes’ Billionaires list for 2021 and No.216 on its China Rich List for 2020, with a net worth of US$2.7 billion.

Tong Yulou became a substantial unitholder of ESR-REIT, acquiring 189.97 million units for S$80.36 million in an off-market transaction on 29 December, for a direct interest of 5.46 percent, up from 0.75 percent previously, according to a filing to SGX Thursday by Vicky Tong.