<div id="readability-page-1"><div><p>[SINGAPORE] Shares of  Hong Kong Land  soared as much as 5.5 per cent after the company announced plans to inject its interests in One Raffles Quay, MBFC Towers 1 and 2 into a new real estate fund.</p><p>The counter rose as high as US$7.31 by 9.31 am on Friday (Dec 12), climbing US$0.38 from its previous closing price.</p><p>On Thursday (Dec 11), Keppel Reit announced it was buying Hongkong Land’s one-third stake in Marina Bay Financial Centre (MBFC) Tower 3. In response, shares of the company rose 5.5 per cent or US$0.36, ending Thursday at US$6.93.</p><p>The new fund, the Singapore Central Private Real Estate Fund (SCPREF) is expected to hold more than S$8 billion in assets under management at inception. That will make it the biggest private real estate fund in Singapore.</p><p>The SCPREF will focus exclusively on managing prime commercial property asset and is in line with Hong Kong Land’s goals to grow its total assets under management to US$100 billion by 2035.</p></div></div>

<p>Hongkong Land shares surged 5.5% after announcing plans to inject interests in prime properties into a new S$8 billion real estate fund, SCPREF. The fund aims to manage prime commercial assets, aligning with Hongkong Land's goal to grow assets to US$100 billion by 2035. Shares rose to US$7.31 following the news.</p>

Hongkong Land shares jump 5.5% on news of S$8 billion real estate fund