www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Evergrande builds up pre-IPO land reserve

Updated: 2008-03-13 07:04

By Amy Lam(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

Property developer Evergrande Real Estate Group is confident it will be able to maintain its strong mainland growth this year, saying tightening policies there won't have much of an impact on the second-tier cities that the company focuses on.

Evergrande, which hopes to raise as much as HK$16.6 billion in a Hong Kong initial public offering (IPO), has rapidly built up its land bank in the past two years and plans a sharp step-up in its completion of projects this year. The efforts come despite cooling measures put in place by the central government that aim to tame the overheating property market.

 Evergrande builds up pre-IPO land reserve

People examine the model for a property-development project at a mainland real-estate fair. Mainland real-estate developers such as Evergrande are keen on listing in the Hong Kong stock market to absorb capital. China Daily

"Austerity measures mainly target major cities such as Beijing and Guangzhou. Evergrande will focus on second-tier cities which are less affected by the measures," Evergrande Chief Executive Officer Xia Haijun said.

The Guangzhou-based developer has a land reserve of 45.8 million sq m worth of gross floor area in 22 cities - enough to fuel development for the next five years. The company plans to complete 7.53 million sq m worth of property developments by the end of this year, compared with 0.4 million sq m in 2007.

The company - looking to list on March 28 despite the recent IPO market woes - is selling 2.96 billion shares, 96 percent of which are new shares, to raise up to HK$16.6 billion. The offering range is HK$3.50 to HK$5.60 per share, with one trading lot being 500 shares.

Under the tightening policy, the mainland has regularly raised interest rates, imposed taxes on capital gains and land appreciation, stopped non-residents from buying too many apartments and told banks to curb loans to developers to deter land speculation.

Property developers face great difficulty in financing projects, as they must compete for new land under intense competition.

Evergrande, which has aggressively acquired land in past years, is under financing pressure and decided to list its shares to meet financing needs.

Nonetheless, the offering range has been priced at a big discount to its net asset value due to the choppy market conditions.

Some corporate investors, such as Merrill Lynch, Temasek and Deutsche Bank, will invest in the firm's IPO.

Merrill Lynch, Goldman Sachs and Credit Suisse are jointly arranging the deal.

Chief Financial Officer Tam Wai-ying said the company's current credit, property sales, cash and IPO proceeds should be able to finance the investment needs this year. The company is expected to report 2007 net profits of 1 billion yuan.

Meanwhile, Wing Fat Printing, a spin-off of conglomerate Shanghai Industrial Holdings, plans to raise up to HK$690 million in a Hong Kong IPO, which opens its retail-subscription period today.

Wing Fat produces packages for tobacco products and wines. It is selling 150 million new shares at between HK$4.05 and HK$4.60 per share.

BNP Paribas and UBS are arranging the deal.

(HK Edition 03/13/2008 page3)

主站蜘蛛池模板: 中文字幕在线看视频一区二区三区 | 香蕉超级碰碰碰97视频在线观看 | 成人国产精品免费视频不卡 | 中国一级性生活片 | 黄色毛片免费看 | 香港av三级| 国产一区二区三区免费播放 | 老头老太做爰xxx视频 | 九九精品99久久久香蕉 | 欧美一区二区免费 | 日韩在线国产精品 | 最近手机中文在线视频 | 欧美性性性性性色大片免费的 | 2021精品国产品免费观看 | 国产大片免费天天看 | 亚洲国产精品ⅴa在线观看 亚洲国产精品aaa一区 | 久久99国产综合精品 | 老妇综合久久香蕉蜜桃 | 国产91精品高清一区二区三区 | 一区二区精品视频 | 免费人成黄页网站在线观看国产 | 成人黄色在线免费观看 | 午夜欧美日韩在线视频播放 | 一级片www | 国产在线不卡免费播放 | 免费一级肉体全黄毛片 | 国产67194| 性日韩精品 | 国产成人综合亚洲欧美在 | 一级片免费在线播放 | 精品国产无限资源免费观看 | 日本免费二区三区久久 | 国产欧美日韩精品一区二区三区 | 怡红院免费播放全部视频 | 99爱视频99爱在线观看免费 | 国产欧美一区二区久久 | 97国内免费久久久久久久久久 | 国产理论视频 | 真人一级毛片全部免 | 国产爱啪啪 | 天堂8在线天堂资源bt |