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Chinese property developer Evergrande Real Estate Group plans to raise up to $769 million in a Hong Kong initial public offering, according to a term sheet obtained by Reuters on Monday.
The Guangzhou-based property developer, which focuses on residential properties, is selling 1.5 billion shares, including 900 million new shares and 611 million secondary shares, at a price range indicated between HK$3 and HK$4 per share, according to the term sheet.
The developer is expected to price its shares on or around Oct 28, with trading expected to begin on Nov 5.
Evergrande tried to raise $2.1 billion in a flotation in March last year but cancelled the deal due to lack of interest.
BofA-Merrill Lynch, Goldman Sach, Credit Suisse and BOC International are handling the deal.
More Chinese property IPOs are on the way, with Yuzhou Properties, Fantasia, Longfor Properties, SCE Property and Sunac China also preparing listings.
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