country-garden-sets-price-range-for-record-property-ipo

Country Garden sets price range for record property IPO

The residential developer signs up corporate investors to help boost interest for its $1.7 billion offering, which looks pricey towards the upper end of the range.
Country Garden has set the price range for what will become the largest initial public offering by a Mainland property company in Hong Kong. Even at the bottom of the range, the deal will total $1.3 billion, which is 48% larger than Shui On PropertyÆs $877 million offering post-shoe in October last year.

According to bankers, the deal will also be the largest private sector offering from China since Semiconductor Manufacturing International SMIC raised $1.8 billion in March 2004 with the help of Credit Suisse and Deutsche Bank. And it will be the largest IPO in Hong Kong so far this year, exceeding China Agri-IndustriesÆ $410 million offering by more than three times.

Country Garden...
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