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Shares in BHG Retail REIT , which has a portfolio of malls in China, opened at their offering price of S$0.80 ($0.57) in their trading debut on the Singapore Exchange.

The REIT, which is backed by Beijing Hualian Department Store, raised S$394.2 million ($280.3 million) from the offering, the issuance of sponsor Units, strategic investor units and cornerstone units.

This was the first REIT IPO in Singapore this year after several deals were pulled due to uncertain financial markets and concerns over potential U.S. interest rate hikes.

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