Langold Real Estate to launch Shenzhen IPO on Wed

Published: 26 Oct 2009 01:20:41 PST

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Oct. 26, 2009 (China Knowledge) - Wuhan Langold Real Estate Co Ltd, a property developer based in Wuhan, Hubei Province, said in a statement today that it has won the approval from the China Securities Regulatory Commission to list in Shenzhen.

The developer plans to raise RMB 590.4 million by offering not more than 48 million RMB-denominated A shares at the price of RMB 12.3 per share starting from tomorrow.

The proceeds from the issuance will be used to fund three property projects, and the total investment is estimated at RMB 1.07 billion.

Langold currently has land reserves of more than 800,000 square meters in potential floor area. The company reaped RMB 131.89 million in net profit in 2006, RMB 166.43 million in 2007 and RMB 160.95 million in 2008. In the first half of this year, the firm's net profit was RMB 71.87 million.