Shanghai developer Changjia Group said it plans to raise US$500-600 million from an initial public offering in Hong Kong in March, Reuters reported. Changjia, which develops high-end residential real estate in Shanghai, has hired UBS and Citigroup to handle the IPO, expected soon after the Lunar New Year holiday. The tightening of access to credit – particularly for the real estate sector – is encouraging developers to raise funds through IPOs; Xiamen-based China SCE Property Holdings hopes to raise US$255 million in a Hong Kong IPO this month.
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