Country Garden sets price range for record property IPO

The residential developer signs up corporate investors to help boost interest for its $1.7 billion offering, which looks pricey towards the upper end of the range.

Country Garden has set the price range for what will become the largest initial public offering by a Mainland property company in Hong Kong. Even at the bottom of the range, the deal will total $1.3 billion, which is 48% larger than Shui On PropertyƆs $877 million offering post-shoe in October last year.

According to bankers, the deal will also be the largest private sector offering from China since Semiconductor Manufacturing International SMIC raised $1.8 billion in March 2004 with...

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