The listing would provide a guide to how investors mulling new share sales rank assets tied to China’s developers. The nation’s real estate sector has been under pressure this year, most recently as Covid lockdowns hurt home sales by already cash-strapped builders.
Onewo Inc., the property management unit of real estate developer China Vanke Co., is planning to raise as much as about HK$6.2 billion (US$784 million; $1.1 billion) through a Hong Kong initial public offering.
The firm is offering about 116.7 million shares at HK$47.1 to HK$52.7 each, according to an exchange filing. The share sale attracted six cornerstone investors who have agreed to purchase around US$280 million worth of stocks, based on mid-point of the price range. China Chengtong Holdings Group Co. and Singapore’s Temasek Holdings Pte are among the cornerstone investors.
