Central China Real Estate set for HK listing
19 May 2008
Central China Real Estate, the central China-based developer, is poised to raise as much as US$244 million through an initial public offering in Hong Kong, Bloomberg reported, citing two people familiar with the situation. The company plans to sell 500 million shares - which equates to a 25% stake - at HK$2.75-3.80 (US$0.35-0.49) per share. Singapore's CapitaLand, the largest property developer in Southeast Asia, has a 36% stake in Central China. If the listing goes through, it will be the first share sale in Hong Kong by a Chinese real estate developer since Zhang An Real Estate's US$461.55 million IPO in November.
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