The Swire group has reduced its shareholding in Swire Properties, raising HK$5 billion $645 million by selling roughly half the stake it held in the company through John Swire Sons HK.
The deal was launched at around 8pm on Monday in Hong Kong and priced just before the market opened yesterday. It attracted strong demand from long-only investors, as well as property specialists, a source said. There were more than 90 accounts in the book, with demand coming from all around the world 50% from Asia, 35% from the US and 15% from Europe, another source said.
Swire sold 234 million shares, or 4% of...
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