Private Equity Group PAG, Criticises Spring REIT Failures, Conflicts Of Interest (The Standard)

13 February 2020 — PAG Real Estate, which holds an 18.2 percent interest in Spring Real Estate Investment Trust (1426), has issued a formal complaint to the Securities and Futures Commission against the Spring REIT regarding sub-standard corporate governance, conflicts of interest and the consistent failure of its manager to uphold its fiduciary duties to unitholders.

PAG said the REIT has remained the worst-performing general REIT listed on the Hong Kong Stock Exchange since its initial public offering in December 2013.

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