New Century Reit to price smaller listing at low end

The world’s first China-based hotel Reit, New Century, has slashed its IPO by more than 65% to HK$675m ($87m) from HK$1.97bn and will be pricing towards the low end of its HK$3.50-HK$4.20 price range, according to a banker close to the deal. Books closed on Thursday, one week later than the original timetable.