Another Chinese property developer tests demand for upcoming IPO
Undeterred by cancellation of Shui On Land's near $1 billion IPO, Greentown hopes to raise up to $400 million.
Greentown China Holdings yesterday became the fourth Chinese property developer in short succession to seek a public listing when it started pre-marketing of a share offer of between $300 million and $400 million.
Just a few weeks ago, the developer was said to be hoping to raise at least $500 million ahead of its planned Hong Kong listing, but the sharp sell-off in global equity markets has led to higher uncertainty and forced issuers to revise down their expectations.
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