Zhong An Real Estate, aiming to become the largest listed developer of property in the eastern Chinese city of Hangzhou, may raise as much as 3.4 billion Hong Kong dollars, or $438 million, in a Hong Kong initial public share sale.
The closely held company plans to sell 543 million new shares at 5 dollars to 6.25 dollars apiece, said an e-mail sent to international institutions Wednesday.
Property prices in 70 major Chinese cities increased at the fastest rate in August in at least two years, according to official data. Low interest rates spurred property speculation, adding to demand created by an increasing urban population and companies seeking to upgrade their living and office space
