Hong Kong developer Cheung Kong (0001.HK) is planning to raise around US$1.5 billion in what would be Hong Kong’s first renminbi-denominated share offer, the South China Morning Post reported. Owned by local tycoon Li Ka-shing, Cheung Kong will bundle its mainland investment properties, including Beijing’s Oriental Plaza which houses the Grand Hyatt (H.NYSE) hotel, and list the real estate investment trust (REIT) on the Hong Kong bourse. Li, Hong Kong’s richest man, has hired Citic Securities (600300.SZ) and HSBC (0005.HK) to handle the deal, which has reportedly already been approved by Beijing. Hong Kong Exchanges and Clearing’s (0388.HK) chief executive Li Xiaojia opened the doors to renminbi initial public offerings in the city as early as October. Companies have sold over US$9.3 billion worth of renminbi-denominated bonds in Hong Kong since 2007.
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