China’s leading real estate company succeeded in its initial public offering (IPO) in Hong Kong, overcoming unfavourable market conditions and difficulties arising from past transactions of its subsidiaries.
Optics Valley Union Holding Company, a leading developer and operator of commercial business parks in China, made its HK$830 million (US$107 million) IPO on the main board of the Hong Kong Stock Exchange.
“It was a challenge to close a real estate-related [IPO] deal in current market conditions,” Venantius Tan, a Hong Kong-based partner at Morrison & Foerster, told China Business Law Journal.
Morrison & Foerster advised BNP Paribas Securities and China Merchant Securities, the joint global co-ordinators for this IPO. The team was led by Tan and Hong Kong partner Gregory Wang.
“The property market in China is very volatile and developers have overextended themselves and require funding for current and planned projects,” Tan explained. “Most of the listed real estate developers are also trading at or below their NAV [net asset value].”
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章，欢迎成为我们的订阅会员成为我们的订阅会员。
