CIFI Holdings launches Hong Kong IPO

The Shanghai-based property developer seeks to raise up to $267 million through the deal, with the price range indicating a 62%-69% discount to net asset value.
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Beijing: Cifi is keen to boost its land bank in China's capital among other places
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<div style="text-align: left;"> Beijing: Cifi is keen to boost its land bank in China's capital among other places </div>

CIFI Holdings, a Shanghai-based property developer, kicked off the roadshow for its Hong Kong initial public offering yesterday, aiming to raise between HK$1.67 billion and HK$2.07 billion $215 million to $267 million.

Like many other Chinese developers, the company is primarily focused on the residential sector, complemented by some commercial properties. It has more than 40 property projects in 11 cities across three geographic regions in China the Yangtze River Delta, the Bohai Economic Rim and the Central Western region, according to a draft prospectus.

The latest deal comes as IPO activity in Hong Kong has been subdued this year amid worries about the...

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