R&F Properties raises $208 million for land acquisitions

The deal is completed at a 4.95% discount against a backdrop of two competing property IPOs and a secondary placement all fighting for investor attention.

Property developer Guangzhou RF Properties last night sold HK$1.62 billion $208 million worth of new H shares to raise funds for more land acquisitions and other corporate purposes.

The deal was brought by JPMorgan and Morgan Stanley, which had a busy night with two placements each.

The 42.3 million shares were priced in the lower half of the indicative range at HK$38.20 for a 4.95% discount to ThursdayÆs close of HK$40.20. They had been offered...

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