Country Garden raises $1.7 billion in record IPO

Early talk of a high valuation matters little as investors pile in, allowing the $1.7 billion deal to be priced at the top of the range.

Country Garden has completed the largest ever initial public offering by a Chinese real estate developer, raising $1.7 billion after pricing the deal at the top of the range.

While initial comments had suggested that the stock was expensive at the upper end of the HK$4.18 to HK$5.38 range, the final pricing showed that investors disregarded their own talk of a somewhat pricey deal and piled into the offering. In the end, there was very little price sensitivity...

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