Perennial China Retail Trust , which owns shopping mall assets in China, opened at S$ 0.655 on its debut on the Singapore Exchange Thursday, 6.4 percent below its IPO price.
At 0600 GMT, Perennial was trading at S$ 0.66 on a volume of 5.7 million units.
The trust, managed by a firm controlled by former CapitaLand retail chief Pua Seck Guan, sold 563.6 million units at S$ 0.70 each at the IPO.
DBS, Goldman Sachs, Standard Chartered and Citigroup were joint global coordinators and bookrunners.
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