China’s Guorui Properties Ltd. is seeking up to US$242.4 million in an initial public offering in Hong Kong, joining the ranks of the mainland property firms listed in the city, the Wall Street Journal reported Monday.
The Beijing-based real estate developer is selling 662 million shares in the indicative range of HK$2.30 to HK$2.84 a share, the paper said, citing a term sheet.
The company is said to have lined up three cornerstone investors to take up shares totaling US$92 million. The investors include Beijing No. 5 Construction Engineering and Hong Kong-listed Sino Biopharmaceutical.
Guorui plans to use the IPO proceeds to develop property projects in China. Listing on the Hong Kong bourse is scheduled for July 7.
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