[photopress:property_hangzhou_1.jpg,full,alignright]According to China Securities Journal Hangzhou Binjiang Real Estate , the real estate developer, is about to go for an IPO plan with the aim to raise as much as RMB 1.5 billion.
This will involve something like 60 million shares, which is 11.54% of its total capital stock.
The company develops luxury apartments as well as commercial properties.
The illustration is of part of the Golden Coast project in Hangzhou which was designed by Peddle Thorp Architects.
The company also owns the Friendship Hotel Hangzhou which is a 4 star-rated hotel newly renovated in 2006. It is also working with Greentown China Holdings to develop real estate on the Hangzhou Hushu project.
At the same time Accor has signed an agreement with Hangzhou Binjiang Real Estate to launch a 5-star Sofitel hotel in Zhejiang Province’s Qiaodaohu Lake Scenic Spot.
Since 1982, when it was first recognized as a scenic spot, Qiandaohu Lake has received about 11 million visitors a year, of which 600,000 are foreign tourists. During this past May Day Holiday, the scenic spot received 724,000 tourists, an increase of 26.57% over the same period of last year.
After the expressway between Hangzhou and Qiaodaohu Lake is opened at the end of this year, it will only take ninety minutes to get to Qiandaohu from Hangzhou.
Source: Research Oracle and research.