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Xinyuan Real Estate Co., Ltd. Message Board

  • marcino3000 marcino3000 Mar 18, 2013 10:59 PM Flag

    Shanghai Greenland eyes U.S. Property...

    Shanghai Greenland to IPO Unit in Hong Kong, Eyes U.S. Property
    By Bloomberg News - Mar 18, 2013 7:00 PM PT

    Shanghai Greenland Group Co., the builder of China’s third-tallest tower, said it’s planning to list a unit in Hong Kong this year as it seeks to enter the U.S. property market.
    The state-owned developer will set up a subsidiary in Hong Kong, which will include some of its assets abroad, and list the unit on the Hong Kong Stock Exchange this year, Chairman Zhang Yuliang said in an interview in Shanghai yesterday, without giving a timetable. Zhang declined to say how much money the developer is looking to raise in the IPO of the unit that will focus on doing business in foreign countries.
    Shanghai Greenland, which announced a A$480 million ($498 million) redevelopment in Sydney last week, plans to invest in hotel and residential projects on the West Coast of the U.S. and expects to complete the deals by the end of the year, Zhang said. The company joins other Chinese developers, including China Vanke Co. (000002), entering the U.S. as the government puts curbs on residential property at home.
    “We will invest in countries where Chinese people go to the most; we are looking for a Chinese market that’s extended abroad,” Zhang said, citing growing numbers of Chinese buyers. “We have strong brand awareness among Chinese customers and know well about what they really want.”
    Vanke, the biggest developer listed on mainland exchanges, has entered a residential-property venture in San Francisco with Tishman Speyer Properties LP, while Xinyuan Real Estate Co. in September said it was developing a New York project...

    Sentiment: Hold

3.93-0.06(-1.50%)1:15 PMEDT

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