Glorious sets price range for $1.5bn Hong Kong listing

14 Sep 2009

Glorious Property Holdings formally launched its Hong Kong initial public offering on Monday, testing demand for Chinese real estate with the first new listing from the sector in over a year.

Glorious, which shelved plans to list in Hong Kong as market sentiment cooled in July 2008, is marketing 2.25bn shares at a range of HK$4.00 to HK$5.30 a share in a deal that values the company at 9.5 to 12.5 times projected 2010 earnings.

That is a far less aggressive ...

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