Yuexiu Real Estate Investment Trust Issues 109 Million New Units To Pay Management Fee

Yuexiu Real Estate Investment Trust (00405) said it issued about 109 million new fund units yesterday at HK$0.645 each to pay the manager's basic fee for the first half of the year, which totaled RMB60.878 million, or about HK$70.369 million, according to ETNet. The group said first-half service fees of about RMB15.646 million, or about HK$18.085 million, were paid in cash to the REIT manager and the onshore manager. It added that, because the REIT manager wants to focus on management duties, it has designated a wholly owned subsidiary of Yuexiu Property to receive the manager fee units issued to settle the basic fee. Its holdings rose to about 790 million units, or 14.64% of the enlarged issued units.