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.
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.
Here’s more from Bloomberg:
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