Guangzhou-based property developer Evergrande Real Estate has revived plans for an initial public offering in Hong Kong, 18 months after previous plans were shelved, the Wall Street Journal reported, citing unnamed sources. Evergrande hopes to raise between US$585 million and US$780 million by selling 1.51 billion new shares at between HK$3 and HK$4 (US$0.36 and US$0.52). The property firm was scheduled to launch its IPO in March 2008, but abandoned the plan over fears of a volatile local stock market. Analysts believe that Evergrande is in a stronger financial position in 2009 after introducing several equity investors to the company.