Sources told Bloomberg that Chinese tycoon Tong Jinquan would be buying over half of the stock of Viva Industrial Trust when it goes public. Viva Industrial has planned a SGD 375 million IPO in Singapore. The two sources who spoke on the condition of anonymity said Jinquan would buy SGD 200 million worth of shares as the company's cornerstone investor. According to Bloomberg, cornerstone investors get a guaranteed share allocation in IPOs. Tong Jinquan is the Chairman of Shanghai Summit Property Development Ltd.

The Hurun Research Institute placed the net worth of USD Jinquan at USD 2.3 billion. He is now ranked number 72 this year among China's richest people. Last year, he was ranked number 22 among China's wealthiest when he was still worth USD 3.5 billion.

According to the sources, Viva Industrial would begin taking share orders from other investors by next week. The share sale was arranged by Standard Chartered, Bank of America Corp and HSBC Holdings.