Powerlong Real Estate goes ahead with $632 million IPO

One year after it first tested the markets, Powerlong is back, going toe-to-toe with Glorious Property.

Powerlong Real Estate Holdings yesterday launched an initial public offering that is expected to raise as much as HK$4.9 billion $632 million. The IPO launches over a year after the company initially tested the markets before the financial crisis started last summer.

The base deal is made up of 1 billion shares, of which 850 million are primary shares and the remaining 150 million secondary. The secondary shares are being sold by Hoi Kin Hong, chairman of the...

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