By Anette Jonsson
financeasia.com

The Chinese land developer chooses to list in Singapore rather than Hong Kong, and attracts almost 200 investors to its $229 million offering.

China New Town Development has priced its initial public offering in Singapore close to the top end of the range for a total deal size of S$332 million ($229 million) after attracting strong demand from institutional investors.

A subsidiary of Hong Kong-listed property developer SRE Group, China New Town is not your usual developer, but rather clears and prepares government-owned land for new town projects before it is sold to third-party residential developers. It is one of the first private companies to get into this business and will be the first listed Chinese developer to focus purely on land development, although some listed companies like Shui On Land and Shenzhen Investment are involved in this type of work as well as property development.

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Posted by dcjaya at November 6, 2007 1:30 AM