CJ Land, a Chinese luxury property developer, plans to raise up to HK$4.8 billion $618 million from a Hong Kong initial public offering to fund land reserve expansion.
The company comes to market only days after the Chinese government raised interest rates -- a move that surprised a large portion of the market, but which is in line with Beijing’s plan to shift focus from the over-emphasised GDP data to a more balanced growth in its next five-year plan from 2011 to 2015. The People’s Bank of China raised the renminbi lending rate last week for the first time in three years on worries of growing inflation and skyrocketing asset prices.
CJ...
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