First Chinese property IPO this year offers cheap valuation

The Fujian-based residential developer is seeking up to $255 million and follows nine other Chinese property IPOs in recent months.

China SCE Property Holdings has taken on the challenge of becoming the first Chinese real estate developer to seek a listing in Hong Kong in 2010 -- a tough job given that the deal follows on the heels of nine other Chinese property IPOs in the final three-and-a-half months of last year.

At the end of 2009 investors were clearly showing some fatigue towards the sector and the very last property company that came to market in mid-December, Sunac...

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