New Century Real Estate Investment Trust (REIT) announced that they were able to raise HK$676 million or an estimated US$87.2 million from their trimmed initial public offering.

New Century REIT is backed by the Carlyle Group which is an American-based global management firm that specializes in private equity, market strategies, fund of funds and real assets through its subsidiary, AlpInvest.

New Century REIT is the owner of four-5star hotels which are located in mainland China. The company slashed its initial public offering by 66% amid the volatile market conditions that the economy is facing.

Through the public offering, New Century REIT sold 193 million worth of shares. This is comparing to the original 470 million shares that it initially offered with an indicative price range of HK$3.50 to HK$4.20 per share.

Standard Chartered PLC and Morgan Stanley were hired by New Century REIT to act as joint global coordinators for the public offering.