Hang Lung kicks off sector fundraising with $1.42 billion deal

Hang Lung Properties has become the first among the major Hong Kong property developers to take advantage of the reflation story that is boosting expectations for another round of property price increases and has pushed up the entire Hong Kong property sector.

The real estate flagship of the Hang Lung Group on Thursday evening sold HK$11.01 billion $1.42 billion worth of new shares through a top-up placement that was upsized by 9% after the original deal size was about four times covered.

At the final size, the Goldman Sachs-led deal squeezed ahead of Sun Hung Kai Properties’ HK$10.93 billion share sale in October 2007 to become the largest ever follow-on by a...