Chinese property company to list in US

Xinyuan Real Estate, an asset-light developer with a focus on China's tier-2 cities, is seeking to raise up to $263 million.

Xinyuan Real Estate is set to become the first Chinese property developer to list in the US after kicking off the marketing for its $227.5 million to $262.5 million initial public offering yesterday.

The deal, which is led by Merrill Lynch, will offer investors a rare opportunity to gain exposure to the property market in ChinaƆs rapidly-growing tier-2 cities. Set up in 1997 with the aim of building comfortable and convenient, yet affordable, housing for mid-income earners in Zhengzhou City...

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