Friday October 16, 07:47 AM
UPDATE 1-Excellence to raise up to $1 bln in HK IPO -source
HONG KONG, Oct 16 (Reuters) - Chinese property developer Excellence Real Estate Group Ltd plans to raise up to $1 billion from a Hong Kong initial public offering, a source said on Friday, yet another real estate company seeking to cash-in on the country's resurgent property boom.
The Shenzhen-based property developer, which focuses on commercial properties and mid-to-high-end residential projects, was selling 3 billion shares, or 25 percent of its enlarged share capital at an indicative range of HK$2.10 to HK$2.60 per share, the source said.
Morgan Stanley (NYSE: MS - news) , UBS (Virt-X: UBSN.VX - news) and ICBC International are handling the deal.
Several Chinese property companies that tried to list late last year postponed their offerings while the financial markets recovered.
However, some investors have cast a wary eye on property listings in the Hong Kong after market, given the half-dozen or more that are expected to hit the market.
Glorious Property fell 20 percent on its debut this month, while China South City's opening day was worse, with a decline of 23 percent.
(US$1=HK$7.8)
(Reporting by Kennix Chim; Editing by Chris Lewis)
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