HONG KONG (Indonesia Today) – World Grand, a wholly-owned subsidiary of Lippo China Resources Limited, has submitted an application for the creation of Units in the Property ETF (a sub-fund of the Lippo Fund Series) through a participating dealer, for a total consideration of HK$78 million cash.
“The directors envisage rapid economic growth in the property markets of Hong Kong and China and therefore consider the Property ETF to be a good vehicle through which the company can invest in cash,” Lippo China Resources argued.
Lippo Fund Series is an umbrella unit trust established under the term of Trust Deed with only one sub-fund, the Property ETF. The Property ETF’s investment objective is to provide investment results, before fees and expenses, that closely correspond to the performance of the Underlying Index.??
The Underlying Index, Lippo Select HK & Mainland Property Index, was launched on August 13, 2012. The company claimed that the index adopts fundamental indexing with a free-float adjusted market capitalization-weighted methodology, comprising of property related securities listed on the main board of Stock Exchange, including property stocks and real estate investment trusts from HK and mainland China. (Indonesia Today)