Hopewell seeks $780 million from property unit spin-off

The IPO comes as the property sector takes a dive due to concerns about rising interest rates, but even so, it was accompanied in the market yesterday by Ascendas Hospitality Trust, which raised $113 million to finance an acquisition.

Hopewell seeks $780 million from property unit spin-off

Hopewell Hong Kong Properties yesterday launched the management roadshow and bookbuilding for a Hong Kong initial public offering of between HK$5.2 billion and HK$6.05 billion $670 million to $780 million.

It is the second IPO this month to offer exposure to the Hong Kong property sector, but contrary to hotel-focused Langham Hospitality Investments, which priced last week, this is not a yield play.

Rather, it is a pure spin-off...

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