SINGAPORE (REUTERS) - EC World Real Estate Investment Trust (Reit) is set to price its initial public offering in Singapore near the top end of its indicative range to raise about S$346 million, IFR reported, citing a person close to the transaction.

The Reit, backed by a portfolio of properties in Hangzhou, China, will be selling 427.6 million units in the IPO, Thomson Reuters publication IFR reported on Wednesday (July 20).

The units are to be priced at S$0.81 apiece, compared with their indicative range of S$0.76-S$0.82, IFR said. Units of the Reit, sponsored by Shanghai-based Forchn Holdings Group, will be listed on July 28, IFR added.

An external spokesman for EC World declined to comment.