Malaysia's Lee Brothers Reap Windfall On REIT Listing Plan [Yahoo! Finance]
CITY DEVELOPMENTS S/ADR (CDEVY)
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Source: Yahoo! Finance
This story is part of Forbes' coverage of Malaysia's Richest 2026. See the full list here In recent years, brothers Lee Yeow Chor and Lee Yeow Seng have been expanding beyond their palm oil roots and putting the building blocks in place to reap a property windfall. The siblings' plan for REIT listings, one each in Malaysia and Singapore between this year and next, was a kicker for the shares of their Kuala Lumpur-listed IOI Properties Group, which have nearly doubled from a year ago. The brothers added $3.3 billion to their net worth and rose three spots to No. 3 among the country's richest. Forbes The combined value of the assets under the proposed REITs is reportedly around $8 billion, with the Malaysian properties worth about $2 billion. IOI Properties plans to raise 1.98 billion ringgit ($500 million) from the listing of the IOIPG Malaysian REIT in the fourth quarter of 2026, according to a company filing earlier this month. The property developer will also receive 5.5 bi
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