KWG Properties prices IPO at the top

Retail investors take half of the $582 million Chinese property IPO and cornerstones one quarter, leaving meagre pickings for institutions.
Mid-sized Chinese real estate developer KWG Properties has priced its Hong Kong initial public offering at the top end of the range for a total deal size of HK$4.55 billion $582 million.

Demand wasnÆt quite as hot as for larger peer Country Garden, which took the market by storm when it listed in April and caused a re-rating of the entire sector, but in relation to its size û KWG is significantly smaller both in terms of market cap and land bank - this offering too proved a hit with investors. The last few days of the roadshow coincided with renewed speculation about another rate hike in China, but according to sources, this...
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