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Property developers to offload shares

(China Daily)
Updated: 2007-02-13 15:16

Two mainland property developers are selling their shares in Hong Kong, despite the central government's policies to check overheating in the sector.

China Properties Group Ltd (CPG), controlled by Hong Kong tycoon Wong Sai-chung, and Shenzhen-based developer Hong Long Group are expected to float HK$2.5 billion throughinitial public offerings.

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CPG will offer 450 million shares in an attempt to raise up to HK$2 billion. The public float represents 25 percent of the company's enlarged issued share capital.

Ten percent of the shares will be allocated to individual investors. The indicative range is set between HK$3.5 and HK$4.7 apiece.

The company is currently developing large projects inShanghai.

Shenzhen developer Hong Long plans to raise as much as HK$515 million by selling 250 million shares. The range is set between HK$1.43 and HK$2.06.

Hong Long is mainly involved in residential and commercial projects in Shenzhen, with about 1.5 million square meters of land reserves. Its prospectus said the company would reap 210 million yuan in 2006, increasing 146 percent from the previous year.

Both companies are scheduled to begin trading shares on February 23.

But some analysts said the mainland's ongoing macroeconomic controls might hamper investor demand for property issuers.

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