Competition is intensifying between Chinese Estates, Pacific Concord and China Resources, all of which plan to list their mainland property divisions at roughly the same time and are vying for institutional interest. Analysts expect the companies to list late this month or early next month and said a price war between the three was imminent as they sought to woo investors. They said the competition would provide rich pickings for houses looking for exposure to the mainland property market. It is understood Chinese Estates' mainland property arm plans to raise between $240 million and $250 million with the placement of 200 million shares priced between $1.20 and $1.25 each. This would represent a 30 per cent discount to the proposed company's net asset value. Analysts said this aggressive pricing strategy could spur Pacific Concord and Chinese Resources to offer shares at a similar discount. Some analysts said Chinese Estates had to price itself aggressively as it was the least attractive of the three. Analysts said Chinese Estates' property portfolio in China stood at about two million square feet of residential, office and commercial space, relatively small compared with its rivals' portfolios. Pacific Concord spin-off, Concord Land Development, will have about 4.2 million sq ft of prime shopping space in major cities by 1999, while China Resources' Beijing Land has a range of projects in Beijing, they said. Some analysts said a 30 per cent discount might not be attractive enough. They said Concord Land's issue could be priced at a bigger discount to lure investors. Chinese Estates share price closed down five cents at $7.35 after hitting a high of $7.55 yesterday. It has risen 7.3 per cent since last Friday's close on rumours of the planned spin-off.