Billionaire Li Ka-shing's yuan-denominated property trust was launched yesterday, counting on demand?from yield-hungry investors looking to benefit from growth in the country's real estate market.

Hui Xian, as the real estate investment trust (REIT) is called, could raise up to 11.16 billion yuan ($1.71 billion) from its Hong Kong listing, with the sale of 2 billion units at a price of 5.24 yuan ($0.80) and 5.58 yuan ($0.85). The REIT will be the first yuan-denominated equity initial public offering outside the Chinese mainland.

The offering will open for sale today and close April 19. And the company is scheduled to list on the Hong Kong Stock Exchange April 29.

A successful listing of the Hui Xian REIT may encourage other companies to launch similar products to tap into the bulging yuan deposits in Hong Kong. The IPO may also lure investors looking for higher returns on their yuan deposits, while allowing them to bet on appreciation of the Chinese currency.

The REIT will be managed by Hui Xian Asset Management Ltd, a joint venture between CITIC Securities, Singapore's ARA Asset Management and Cheung Kong (Holdings) Ltd.

BOC International, CITIC Securities and HSBC Holdings were hired as joint bookrunners for the Hui Xian offering.