franshions-ipo-shows-investors-still-love-china-property

Franshion's IPO shows investors still love China property

Franshion Properties raises $424 million from its Hong Kong listing, proving that the Chinese real estate sector is resistant to broader poor market sentiment.
Chinese real estate developer Franshion Properties has raised HK$3.3 billion $424 million via its Hong Kong initial public offering, after setting its price at the top of the range at HK$2.35 a share.

Franshion's IPO follows on the heels of a number of China property-related offerings in Hong Kong, including Country Garden and KWG Properties. There are more than 20 China-centric developers currently trading on the Hong Kong bourse, but investor interest for Franshion was still high. A source says Franshion drew over 200 orders into the institutional book, which ended up 40 times oversubscribed post-clawback. The clawback was triggered by an over-subscription level of 171 times in the retail tranche which increased...
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