Future Land raises $265 million from Hong Kong IPO

The price is fixed at the bottom of the range, valuing the Chinese property developer at a 73% discount to NAV.
<div style="text-align: left;">
Shanghai: Future Land is a leading property developer in the Yangtze River Delta
</div>
<div style="text-align: left;"> Shanghai: Future Land is a leading property developer in the Yangtze River Delta </div>

Future Land Development, a Chinese property developer, has raised HK$2.06 billion $265 million from its Hong Kong initial public offering after fixing the price at the bottom of the range.

The deal attracted a good mix of long-only and hedge fund investors, with most of the orders coming from Asia, a source said on Friday. However, the retail portion of the deal was reduced to 2.5% from 10%, due to weak demand from retail investors. The leftover shares were reallocated to institutional investors, increasing the institutional tranche to 97.5% from 90%.

Despite the volatile market environment, Future Land was the second Chinese property company to complete...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222