China Property Developers Eye Hong Kong Listing
China SCE Property Holdings Ltd. and Xiamen Powerlong Real Estate Co., Ltd., two prominent property developers in Xiamen, Fujian Province, have applied to list on the Stock Exchange of Hong Kong. China SCE Property Holdings plans to raise HKD 3.9 billion in its potential IPO in October 2009, with Deutsche Bank and Morgan Stanley serving as sponsors. Powerlong Real Estate, which has invested in 16 projects across China's second- and third-tier cities, resumed its Hong Kong listing scheme after initially postponing its IPO due to the global financial crisis.
Key Takeaways:
- China SCE Property Holdings Ltd. is seeking to raise HKD 3.9 billion in its potential IPO in October 2009 on the Stock Exchange of Hong Kong.
- Deutsche Bank and Morgan Stanley are likely to be engaged as sponsors for the IPO.
- Xiamen Powerlong Real Estate Co., Ltd. has resumed its Hong Kong listing scheme, having initially postponed its IPO due to the global financial crisis.
- Powerlong Real Estate has invested in 16 projects across China's 13 second- and third-tier cities.
- The company set foot in the commercial property sector in 2003 and began preparing for a Hong Kong listing as early as 2008.
- Powerlong Real Estate conducted a low-profile road show in 2008 but was forced to postpone its IPO due to the financial crisis.
Statistics:
- HKD 3.9 billion: the amount China SCE Property Holdings Ltd. plans to raise in its potential IPO.
- 10: the number of projects Powerlong Real Estate has invested in across second- and third-tier cities in China.
- 2003: the year Powerlong Real Estate set foot in the commercial property sector.
- 2008: the year Powerlong Real Estate began preparing for a Hong Kong listing and conducted its road show.
- $31.72: the price of DB, as indicated by the Comtex SmarTrend Alert on 11-26-2008.
Sources:
- SinoCast Daily Business Beat via COMTEX (Aug 18, 2009)
- Comtex News Network, Inc. (2004-2009)
- SmarTrend (2004-2009)