Shimao completes largest IPO by a Chinese real estate developer

Bottom end pricing and half-covered retail tranche show caution still reigns as market conditions remain tough.

Shimao Property Holdings has defied the difficult market environment and completed its initial public offering which came to HK$3.72 billion $480 million after the price was fixed at the bottom of the indicated range.

The company had hoped to raise up to $650 million, but even with the low end pricing Shimao ranks as the largest IPO by a Chinese real estate developer รป a feat it pulled off in a market where several other property companies have been...

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