Sino Land raises $663 million from follow-on

Coming just days after Hang Lung Properties completed a $1.42 billion share placement, the upsized transaction confirms the strong demand for Hong Kong property stocks.

Sino Land didn’t wait around once the extent of the demand for Hang Lung Properties’ placement last week became clear and, after the close of trading yesterday, it launched a follow-on share sale of its own. This deal too met with a lot of investor interest and was upsized by 26% at the time of pricing, allowing the Hong Kong developer to raise HK$5.14 billion $663 million.

While significantly smaller than Hang Lung’s $1.42 billion transaction last Thursday, it was still the second largest real estate follow-on in Asia ex-Japan this year and the second largest primary block sold by a Hong Kong issuer year-to-date.

The deal was led by Goldman Sachs, which...

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