Pre-marketing began this Monday November 14 for a $250 million to $350 million IPO by Guangdong-based property developer Agile Property. The Morgan Stanley led deal follows a similar IPO in mid-July for Guangzhou RF Properties, which just about scraped through the primary market, but has gone on to double in secondary market trading.
The two companies share a number of similarities. Both have big operations in Guangdong province, although Agile derives almost 100% of its sales from the province, while Guangzhou RF derives 51% from Guangdong and 49% from Beijing.
The two also have similar landbanks. Guangzhou RF is the largest developer in Guangdong...
