Singapore-listed developer GuocoLand, a firm linked to Malaysian billionaire Quek Leng Chan, said on Wednesday it had no plans to set up a real estate investment trust (REIT), dismissing a report in the Business Times newspaper.

GuocoLand (GUOC.SI) rose as much as 2.7% on Wednesday after paper said it may float two real estate investment trusts with assets of up to $8 billion in the next 3-5 years.

“GuocoLand wishes to clarify that the group currently has no plans to establish a real estate investment trust,” it said in a filing to the Singapore Exchange.

“The group will review this as a possible strategy to extract value from its property portfolio, at the appropriate time,” it added.