Guangzhou R&F Properties secures IPO

Chinese property play manages to raise $254 million in face of difficult markets.

Guangzhou RF Properties priced a $254 million IPO on Friday July 8 via lead managers Credit Suisse First Boston and Morgan Stanley in the face of considerable retail indifference.

The 183.9 million share deal faced a very weak primary market in which the previous three Hong Kong IPOs have all traded down by 10%-20% and sentiment towards the China property market has slumped. In these circumstances it would not have surprising if the deal...

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