[photopress:jin_mao_tower.jpg,full,alignright]China Jin Mao Group, which owns Jin Mao Tower, the tallest building on the Chinese mainland, is considering an IPO in either Hong Kong or Shanghai.
Jin Mao spokeswoman Ramona Bao said there are no detailed plans nor yet a timetable drawn up for the share sale as yet, but it is understood that Jin Mao plans to sell shares in the next few months.
The Shanghai-based property company has been in talks with a few investment banks on fundraising options, including a domestic or international IPO.
Jinmao has also been preparing to issue asset-backed securities, or ABS, that pool rental yields in the next five years from its properties into a package. Earlier this year, the company hired Haitong Securities as a broker for its plan to issue ABS but the project was delayed due to the government’s stringent regulations for the real estate sector.
Jin Mao was founded in 1993 by 10 large State-owned enterprises, including Sinochem Corp. and China National Cereal. China Jin Mao owns the 88-story Jin Mao Tower in the center of Lujiazui Finance and Trade Zone in Pudong, Shanghai. The tower houses the Grand Hyatt Shanghai hotel, offices and an upscale shopping mall.
Source: China Knowledge