China will see its first property listings in seven years as the government tentatively relaxes a ban on such floats.
Two real estate firms - Shenzhen-based Goldfield Industries and Beijing Tianhong Baoye Real Estate - issued prospectuses yesterday for listing on the Shanghai stock market, according to Xinhua news agency.
The move is in line with Beijing's drive to turn the real estate sector into a new economic growth engine.
Beijing wants to encourage bigger property firms to develop rental housing, which requires large investments and brings slow returns.
Goldfield Industries hopes to raise 829.3 million yuan (about HK$777 million) by issuing 90 million domestic A-shares at 9.42 yuan per share, according to Xinhua. Beijing Tianhong Baoye Real Estate will issue 40 million A-shares at 10.40 yuan for a total of 402.4 million yuan.
No listings timetable was given.
