Mainland property company Hopson Development Holdings is set to fund future expansion by raising a net $710 million through a Hong Kong stock exchange listing.
Sources said the company would spend $468 million of the net proceeds on six development projects in Guangzhou.
In its draft listing prospectus, Hopson Development recorded an unaudited profit attributable to its shareholders of $15.55 million for the two months to February 28.
Hopson, primarily engaged in property development and investment in Tanhe district, Guangzhou, saw net profit jump 154 per cent to $119.55 million for the year to December 31 from the previous year to 1996.
As of February 28, it had a property portfolio with a floor area of 21.5 million square feet, the draft prospectus said.
It said the company had obtained pre-sale permits for four residential projects with a total gross floor area of 3.19 million sq ft this year.
