ARA Asset Management, part-owned by Li Ka-shing’s Cheung Kong Holdings Ltd. (1), is planning Singapore’s first initial public offering denominated in yuan, said three people with knowledge of the matter.
ARA, a manager of property trusts, hired Citigroup Inc. (C), DBS Group Holdings Ltd. (DBS) and Standard Chartered Plc (STAN) for the IPO, the people said, declining to be identified because the process is private. Full story
