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.
Glorious Property was incorporated in the Cayman Islands in July 2007 and develops property mostly in China. Projects include Sunshine Holiday in Tianjin and Shanghai Bay, situated along the Huangpu River. Its first property was the Sunshine Greenland hotel in Shanghai in 1996.
The company as of July 2009 had 19 projects in various stages of development (seven of them in Shanghai) with a total land bank of around 13.6 million square meters.
Zhang Zhi Rong, founder, chairman and controlling shareholder, has more than 13 years experience in the industry, and before that was involved in construction materials trading and sub-contracting.
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.