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China's first REITs snapped up by retail investors

Retail tranches worth $310m were more than 10 times oversubscribed

New residential buildings are under construction in Shanghai in this photo from March 2016.   © Reuters

SHANGHAI (Reuters) -- China's first batch of real estate investment trusts (REITs) were snapped up by retail investors on their first day of sales on Monday, according to fund managers and state media.

The retail tranches of the nine REITs, worth about 2 billion yuan ($314.05 million), attracted over 30 billion yuan of retail subscriptions, or over 10 times the amount available, official Securities Times reported. Meanwhile, fund managers have suspended taking new subscriptions.

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