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Trade centre operator seeks $406 million from Hong Kong listing

Anette Jönsson Finance Asia
Trade centre operator seeks $406 million from Hong Kong listing - Hong Kong - Real Estate Investor - Commercial Property

China South City Holdings, a developer and operator of a large-scale integrated logistics trade centre in Shenzhen where suppliers of industrial goods can meet with potential customers, will kick off the formal roadshow today for an initial public offering that will aim to raise between HK$2.1 billion and HK$3.15 billion ($271 million to $406 million). The first company of its kind to list in Hong Kong, the company will offer investors a hybrid exposure to commercial property and the trading of industrial goods -- at a time when the global economy is showing real signs of a proper economic recovery.

The offering is launching just ahead of the roadshow (starting Monday) for Glorious Property, which is set to become the first Chinese property company to list in Hong Kong this year and looks likely to spearhead a batch of about 10 mainland developers that, according to bankers, are hoping to go public in Hong Kong before Christmas. While China South City isn't a developer in the same sense, it is involved in the construction of its trade centres and sells or leases units to industrial goods suppliers, meaning it is impacted by the trend in commercial real estate prices. The trade centres also include supporting functions like warehouses, commercial property and residential housing.


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