Mainland property developer Hopson Development Holdings has revived its listing plan to raise about $800 million before expenses next month, sources said. The company plans to issue 250 million new shares, or 25 per cent of the enlarged share capital, at about $3.2 each. Sources said Hopson was in talks with 'some Hong Kong listed property developers and investors' to act as strategic investors and take up shares through placements. 'Agreements on share sale with listed companies will be finalised very soon. This will pave the way for future co-operation,' a source said. Hopson, forced to shelve an earlier listing plan because of the stock market crash last October, will start a roadshow for its initial public offering today. The company's main residential property development is in Guangzhou, where eight incomplete residential projects occupy two million square metres of floor area in Tianhe district. A large portion of the proceeds from the listing will be used for finishing six of the projects and the remainder in cutting debts. The other two projects are close to being finished. Hopson's net profit jumped 153 per cent to $119 million in the year to December 31 with turnover doubling to $480 million from $240 million in 1996. Sources said the firm's net profit stood at $50 million in the first quarter and turnover was $220 million, generated by the disposal of some flats. Analysts said mass-residential estate units sold in the 4,423 yuan (about HK$4,113) per square metre range in Guangzhou in January, a 3.5 per cent year-on-year increase.