Beijing North Star Co, the property arm of the Beijing municipal government, will sell its H shares at between 12 times and 14 times prospective earnings, sources say. The company, one of China's fourth batch of overseas listing candidates, will issue 614.8 million shares, or 34.6 per cent of its enlarged share capital. North Star, developer of the Asian Games Village in Beijing's Chaoyang district, will price its shares between $1.99 and $2.32 each, raising as much as $1.42 billion. The issue price will be fixed on May 2 and investors will subscribe for the shares from May 6 to May 9. New World China will become a strategic investor in North Star by taking a 9.6 per cent stake, leaving the public to subscribe for 25 per cent of the share capital. Beijing Land closed at $5.30 yesterday, down 25 cents, putting it on a multiple of 23 times this year's estimated earnings.