Following the successful completion of Hong Kong's first Real Estate Investment Trust (REIT) and in response to the jurisdiction's new code on REITs, the Stock Exchange of Hong Kong (HKSE) has amended its listing rules.

The rule change is effective from 1 September and will now create a listing and trading platform for Securities and Futures Commission (SFC) authorised collective investment schemes; clarify the respective regulatory roles of the SFC and HKSE; and streamline the listing process for SFC authorised collective investment schemes.

Cheung Kong recently completed the sale of five Hong Kong shopping malls to Fortune Real Estate Investment Trust (Fortune REIT), a new real estate investment trust to be established in Singapore and listed on the Singapore Stock Exchange.

The offer proceeds - an approximate total of HK$1.038bn - together with monies raised from the subscription of units by Cheung Kong and other strategic investors were primarily used to fund the purchase of the five Hong Kong shopping malls from Cheung Kong.

Clive Rough, head of Freshfields Bruckhaus Deringer's Asian structured finance group, led the firm's team advising DBS Bank - the transaction's global coordinator, lead underwriter and sole bookrunner - on the deal. The offers were fully underwritten by DBS Bank, Citigroup and Credit Suisse First Boston.

Baker & McKenzie's Milton Cheng was lead partner advising Cheung Kong, while other advisers included Allen & Gledhill and Linklaters, acting for the manager of Fortune REIT, and Allen & Overy, acting for Bermuda Trust - the trustee of Fortune REIT.

It is hoped that the first ever REIT transaction involving Hong Kong properties will resurrect Hong Kong's ailing property market.