Glorious Property Holdings
Glorious Property Holdings Limited (恒盛地产) is a Shanghai-based property developer, established in 1996. It has a land bank of 13.6 million square meters in cities like Shanghai, Beijing and Tianjin.
IPO
In September 2009, it is seeking a Hong Kong Stock Exchange initial public offering of US$1.53 billion. Glorious Property is due to list on the Hong Kong stock exchange on October 2.
Glorious Property is seeking to sell 2.25 billion shares at a price range of four Hong Kong dollars to HK$5.30 (52 U.S. cents to 68 U.S. cents) each, translating to a forward price/book multiple of 9.5 to 12.4 times. The company also has an option to increase the deal size by 15% to raise a total of US$1.76 billion. Four cornerstone investors have already been guaranteed US$130 million worth of shares, including Sino-Ocean Land Holdings Ltd., Shanghai Industrial Holding Ltd., China Southern Fund Management Co. and a private company under Hong Kong conglomerate Nam Fung Group.