On 19 May, I did a relatively lengthy blog post on why I found Perennial China Retail Trust (PCRT) unattractive as an investment.
At that time, they were going to price it between 70c to 76c per unit. Ultimately, the trust was offered at 70c per unit, the lowest price in the range, and it was only 1.6x subscribed. The suggestion that the market is not enthusiastic about the IPO is not far off
