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Powerlong Real Estate kicks off HK$490-mln HK IPO

Sep. 22, 2009 (China Knowledge) - Powerlong Real Estate Holdings, a property developer based in Southeast China's Fujian Province, yesterday started the road show for its initial public offering on the Hong Kong Stock Exchange, which aims to raise up to HK$490 million, source reported.

The company plans to sell RMB 1 billion shares, of which 850 million will be new shares and 150 million are existing shares held by Hoi Kin Hong, chairman of the board and president of the company, and Hoi Wa Fan, an executive director.

If an over-allotment option is exercised, the developer will issue additional 150 million shares.

Powerlong has set the price range at HK$3.30 to HK$4.90 per share. The final price will be set on Sep. 30.

The developer plans to use 75% of the proceeds to increase its land reserves and to use the remaining 25% to repay bank loans, fund the development of existing projects and supplement general working capital.

Reportedly, APG Investments Asia Ltd will be a cornerstone investor and will subscribe US$25 million worth of shares.

Macquarie is the sole global coordinator for the IPO, while Goldman Sachs, Industrial & Commercial Bank of China<601398><1398> and Macquarie are the joint book runners.

Powerlong is expected to be listed on Oct. 9.

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