Sunac offers IPO at record low valuation as Kaisa prices at bottom

Fatigue for property stocks appears to spread as Sunac offers its shares at less than five times next year's earnings at the bottom of the range, and Kaisa's IPO is only about three times covered.

Sunac China Holdings has set a price range for its initial public offering that values the Tianjin-based developer below the other property companies that have listed in Hong Kong over the past couple of months. Based on a price per share between HK$2.90 and HK$3.70, the company is valued at 4.7 to 5.9 times its projected earnings for next year, according to a source -- well below the 10.4 times that Glorious Property Holdings achieved as the first-mover...

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