franshions-ipo-shows-investors-still-love-china-property

Franshion's IPO shows investors still love China property

Franshion Properties raises $424 million from its Hong Kong listing, proving that the Chinese real estate sector is resistant to broader poor market sentiment.
By
August 12, 2007
Chinese real estate developer Franshion Properties has raised HK$3.3 billion $424 million via its Hong Kong initial public offering, after setting its price at the top of the range at HK$2.35 a share.

Franshion's IPO follows on the heels of a number of China property-related offerings in Hong Kong, including Country Garden and KWG Properties. There are more than 20 China-centric developers currently trading on the Hong Kong bourse, but investor interest for Franshion was still high. A source says Franshion drew over 200 orders into the institutional book, which ended up 40 times oversubscribed post-clawback. The clawback was triggered by an over-subscription level of 171 times in the retail tranche which increased...
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