[photopress:realestate_ad.jpg,full,alignright]As originally reported here on September 29 last year, Country Garden, the residential developer, is making an IPO.
It is now signing up corporate investors to help boost interest for its US$1.7 billion offering. Country Garden will sell 2.4 billion new shares, equivalent to a 15% stake. It has set the price range for what will become the largest initial public offering by a mainland property company in Hong Kong.
Even at the bottom of the range, the deal will total US$1.3 billion, which is 48% larger than Shui On Property’s US$877 million offering in October last year.
The Guangdong-based real estate developer is being brought to market by Morgan Stanley and UBS. Last year it doubled its profits.
Source: International Herald Tribune