Evergrande Real Estate's IPO approved in listing hearing

Sep. 30, 2009 (China Knowledge) - Evergrande Real Estate, a Guangzhou-based property enterprise, said that it has won approval in the listing hearing yesterday to offer shares on the Hong Kong Stock Exchange, which is expected to raise up to HK$11.7 billion, sources reported.

The new shares to be offered will account for 10% of Evergrande Real Estate's total equity. The company has 46 million square meters of land reserves in 20 Chinese cities, the largest among all domestic property developers.

The company is expected to debut on HKEx in November after a global roadshow next month. Goldman Sachs, BOC International and Bank of America Merrill Lynch are the joint underwriters of the deal.

Evergrande had planned to list on the HKEx in March last year, but the plan was shelved due to the ailing market conditions.

Four other mainland property developers, namely Excellence Group, Mingfa Group (International), Yuzhou Group and Fantasia Holdings Group, also had their listing hearing yesterday, expecting to gain HK$30 billion in total, sources said.