China New Town hits it off with investors

The Chinese land developer chooses to list in Singapore rather than Hong Kong, and attracts almost 200 investors to its $229 million offering.

China New Town Development has priced its initial public offering in Singapore close to the top end of the range for a total deal size of S$332 million $229 million after attracting strong demand from institutional investors.

A subsidiary of Hong Kong-listed property developer SRE Group, China New Town is not your usual developer, but rather clears and prepares government-owned land for new town projects before it is sold to third-party residential developers. It is one of the first private...

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