spg-land-fights-for-investor-attention-with-another-property-ipo

SPG Land fights for investor attention with another property IPO

Price range set to offer a 38% discount to NAV which is slightly wider than the maximum discount offered by Shui On Land.

By Anette Jönsson

September 20, 2006

SPG Land yesterday became the second Mainland developer to appeal to international investors for funds as it launched an IPO worth up to HK$1.23 billion $157 million.

Like Shui On Land, which returned with its earlier postponed share sale on Monday, SPG is based in Shanghai but is looking to expand its operations beyond the one city. Both companies are also involved in large-scale projects that take years to complete, but thatÆs pretty much where the comparisons end.

While Shui On Land engages is local-government sponsored urban renewal projects aimed at modernising run-down city sections and sits on a sizeable landbank, SPG is an asset-light developer focusing primarily on residential properties for the...

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