Sino Land raises $663 million from follow-on

Sino Land didn’t wait around once the extent of the demand for Hang Lung Properties’ placement last week became clear and, after the close of trading yesterday, it launched a follow-on share sale of its own. This deal too met with a lot of investor interest and was upsized by 26% at the time of pricing, allowing the Hong Kong developer to raise HK$5.14 billion $663 million.

While significantly smaller than Hang Lung’s $1.42 billion transaction last Thursday, it was still the second largest real estate follow-on in Asia ex-Japan this year and the second largest primary block sold by a Hong Kong issuer year-to-date.

The deal was led by Goldman Sachs, which...