HONG KONG REIT LISTING FOR PRC-ASSET REAL ESTATE TRUST

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RREEF, the real estate and infrastructure investment arm of Deutsche Bank Group, successfully completed a US$320 million listing of a real estate investment…

RREEF, the real estate and infrastructure investment arm of Deutsche Bank Group, successfully completed a US$320 million listing of a real estate investment trust (REIT), RREEF China Commercial Trust (RREEF CCT), on the main board of the Hong Kong stock exchange. Unlike other Hong Kong-listed REITs, RREEF CCT is to be managed by an independent manager which will be an affiliate of RREEF. It will invest in commercial and mixed-use properties in China, Hong Kong and Macau.

The listing raised approximately HK$2.5 billion (about US$320 million) through a June 22 2007 Hong Kong initial public offering (IPO) and an international placement, based on an offering of 484.4 million units of RREEF CCT at HK$5.15 per unit.

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