亚洲精品久久久久久一区二区_99re热久久这里只有精品34_久久免费高清视频_一区二区三区不卡在线视频

Hong Kong's mainland-focused property developer Shui On Land Ltd will relaunch its shelved initial public offering (IPO), planning to raise as much as HK$6.2 billion (US$797 million) in a lower-priced H-share sale.

 

The developer was behind the transformation of Shanghai's old residential area into the trendy bar and dining area of Xintiandi. It originally planned to raise as much as US$984 million, but delayed its offer due to sluggish market conditions.

 

Hong Kong stock market conditions have improved in recent weeks, invigorated by mainland-related share issues including China Merchants Bank and China Blue Chemical, which generated heavy demand from investors.

 

Shui On Land began marketing its deal yesterday. It set its new IPO price range at HK$4.80 (62 US cents) to HK$5.35 (69 US cents) per share, 39 to 32.9 percent below the net asset value of 27.9 billion yuan (US$3.49 billion) estimated by its underwriters.

 

The company, which entered the mainland in the mid-1980s to become a leading property developer focused on Shanghai, is offering 1.16 billion shares, of which 52 percent are existing shares.

 

Shui On's deal, including its IPO proceeds and a US$100 million investment by banking giant HSBC Holdings, values the land developer at 29.5 to 35.2 percent below its net asset value.

 

Shui On's rival Shanghai Forte Co Ltd, however, is trading at 45 percent below its net asset value.

 

China's authorities imposed new measures in May such as tax, credit and land policy controls to curtail speculation in the residential housing market.

 

HSBC, one of the IPO sponsors, cut its current net asset valuation for Shui On Land by 3 percent from May to 27.2 billion yuan (US$3.4 billion), noticing increased costs and uncertainties on Shui On's mainland projects.

 

The world's third-largest bank noted that many of Shui On Land's projects involved relocation of existing long-term residents, which may turn out to be costly and time-consuming.

 

The property developer plans to set its final pricing on September 27 and will debut on October 4.

 

The deal is sponsored by giant investment bank JP Morgan, HSBC and Deutsche Bank.

 

Shui On Land's parent company, Hong Kong property tycoon Vincent Lo's Shui On Group, established Shui On Land in 2004 in Shanghai to take advantage of the mainland city's booming economy.

 

The US$170 million Xintiandi property development project is a 20,000-square-metre complex of restaurants, bars and shops and is a prime entertainment spot in Shanghai.

 

Lo bought his first cement plant in Chongqing in 1995, making Shui On Group one of China's top three cement companies.

 

The Shui On Group also carries out property development projects in other Chinese cities such as Wuhan and Hangzhou, as well as Chongqing.

 

Hong Kong's stock market is now flooded with IPOs after a lull of nearly two months.

 

Local investors have heavily subscribed to the China Merchants Bank IPO and are waiting for more new shares.

 

(China Daily September 19, 2006)