Commercial and residential real estate developer Powerlong Group is seeking to raise up to US$232.2 million in a fourth quarter Hong Kong listing, the South China Morning Post reported. The Fujian-based developer cancelled a planned share sale in July due to poor market sentiment, but will submit a new listing application to the Hong Kong stock exchange within a month. Powerlong would be the first property developer to become a candidate for a Hong Kong initial public offering in 11 months and sources told the paper that other mainland property firms may revive listing plans as the sector gradually recovers. Analysts said that brisk housing sales over the May Holiday could lead developers to once again aggressively purchase land.
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