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CIC to buy US$25 mln worth of shares in Sunac's HK IPO

Sep. 27, 2010 (China Knowledge) - China Investment Corp, the country's US$300-billion sovereign wealth fund, will subscribe US$25 million worth of shares in the initial public offering of Sunac China Holding Ltd, a Chinese property firm, sources reported.

Sunac China plans to issue up to US$385 million in IPO on the Hong Kong Stock Exchange. It will raise up to HK$2.99 billion through issuing as many as 750 million shares.

Other investors include China Pacific Life Insurance Co and D.E. Shaw & Co LP, which will buy US$10 million and US$50 million worth of shares in Sunac, respectively.

Sunac China will list in Hong Kong on Oct. 7. Goldman Sachs and Deutsche Bank are handling the IPO.

CIC last week agreed to purchase US$50 million worth of shares in Boshiwa International Holdings Ltd<1698>'s HK IPO. Boshiwa is seeking to raise up to US$320 million through issuing 500 million shares in the IPO. The indicative price range of the shares is between HK$3.88 and HK$4.98 apiece, China Knowledge reported earlier.

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