Future Land Development, a Chinese property developer, has raised HK$2.06 billion $265 million from its Hong Kong initial public offering after fixing the price at the bottom of the range.
The deal attracted a good mix of long-only and hedge fund investors, with most of the orders coming from Asia, a source said on Friday. However, the retail portion of the deal was reduced to 2.5% from 10%, due to weak demand from retail investors. The leftover shares were reallocated to institutional investors, increasing the institutional tranche to 97.5% from 90%.
Despite the volatile market environment, Future Land was the second Chinese property company to complete...
¬ Haymarket Media Limited. All rights reserved.
