Guangzhou developer plans HK listing

Guangzhou Changsheng Real Estate Group confirmed plans to hold an initial public offering on Hong Kong’s main board beginning next week, with trading expected to start on Janurary 31. Changsheng will be the first domestic real estate developer to list this year. The company was the developer for the Guangzhou landmark building China Plaza, which attracted investment from Goldman Sachs last October. Changsheng Group President Zou Xichang told China Business Net that he has hired former China Eagle Group chief executive Tong Yuan as Guangzhou Changsheng’s CEO ahead of the listing. In all, the company plans to issue 250 million shares to raise about US$295 million.