Chinese developer Midea Real Estate seeks up to US$493m in Hong Kong float

It is offering 180 million shares priced at $17 to $21.50 apiece.

Bloomberg reports that Midea Real Estate Holding Ltd., is seeking to raise as much as US$493m in a Hong Kong IPO.

The Guangdong-based developer is offering a total of 180 million shares at $17 to $21.50 apiece. Youngor Group Co. and Foshan Yesheng Investment Co. agreed to buy about $178m of stock as cornerstone investors.

The float comes at a delicate time as the city’s benchmark index has declined 17% from its January high on the back of persistent trade jitters and emerging market sell-off.

Also read: Trade jitters and bearish equities weigh heavily on Hong Kong's 2019 GDP forecast

Midea Real Estate has property projects in 36 cities across China and counts billionaire He Xiangjian, the founder of white-goods manufacturer Midea Group Co., and his daughter-in-law as controlling shareholders.

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