IPO - Daisin Retail Trust

Daisin Retail Trust is the first IPO listing in 2017. 

This listing looks very rushing in its timing.  Just read about the news in the newspaper this Saturday morning.  Subscription already opened Friday 9 pm and will close on Wednesday noon.

I have doubts in this new Daisin Retail Trust.  The reasons:

1. China. Hmm..... 
All the initial three properties in one single city, Zhongshan, which means high geographical concentration risk.  The spsonsor of the trust, Zhongshan Dasin Reit Estate Co., also has right of first refusal for further 14 completed and uncompleted properties.  However, the bulk of these propertes are in Zhongshan too, which further aggravate the
geographical concentration risk.

2. Placement and rights issue?
Good to know that the Sponsor has properties in the pipeline to be injected into the Trust.  But will the investors be forced to cough out the dividends and more for rights? 

3. Sponsored by a China-based group
Of course not all China Reits are bad.  Capitaland Retail China Tr and Mapletree GCC Tr are doing fine, but they are managed by Capitaland and Mapletree.  For comparison, the 2 Reits sponsored and managed by China-based group:
- BHG Reit, IPO at $0.80, current price at $0.65;
- EC World Reit, IPO at $0.81, current price at $0.705

4. Track Record
Lack of track record for the sponsor Zhongshan Dasin Reit Estate Co.

5. Projected Yield of 8.5%
8.5% is with distribution wavier from its sponsor.  My holdings of AIMSAMPI Reit and Cache Log Trust have comparable yield and Accordia Golf Trust has higher yield. So, I do not wish to get a new and high risk holding.  DYODD.

6. NAV
I can't find the NAV in the prospectus.  But according to Mr IPO, it is $1.01.  Which means there is an approx 21% discount of the IPO price $0.80 to its NAV.  Is this sufficient safety margin?   

I will sit out this IPO despite its listing price below its NAV price.