PEARL Oriental Holdings, whose business ranges from property trading and development to hotel management and investment, is seeking a listing by offering 250 million new shares at $1 each. The new shares represent 25 per cent of the company's enlarged share capital. One 1996 warrant will be attached to every five shares. Prior to the new issue, the company had placed 80 million shares or eight per cent of the existing shares held by company chairman Wong Kwan. Thirty million shares each have been placed with CNT Holdings and Law Kar-po, a director of the former Laws Property (now known as Onfem Holdings), and 20 million with Liang Jinyou who, according to Mr Wong, is in Guangdong's Nanhai municipal government. Speaking at a press conference yesterday, Mr Wong said the placing would bring synergy to Pearl Oriental and help in future development. Lippo Asia and Daiwa Securities (HK) are sponsors and underwriters of the issue. Other underwriters include Jardine Fleming Securities, Standard Chartered Asia, Goodwill Capital, New China Hong Kong Corporate Finance, and Shanghai International Capital (HK). Based on projected 1993 earnings of no less than $128 million, the issue is on a price-earnings multiple of 7.8, on a fully diluted basis, and a weighted-average 5.9. Applications for the shares will close at noon next Tuesday and trading will begin on January 21. The forecast earnings compares with $90.5 million for the first half of this year, $32.1 million for 1992, and $15 million for 1991. Estimated fully diluted earnings are 12.8 cents per share, and estimated weighted average, 17.1 cents per share, on projected 1993 earnings. The adjusted net tangible asset value per share is 66.8 cents, and the premium of the new issue price over net assets is 49.7 per cent. Mr Wong said $50 million of the proceeds would be used for the re-development of the China Harbour View Hotel. Some $80 million will be put into a land bank, and $50 million will go towards reducing bank borrowings. Currently, the property and hotel sectors account for the main portion of the company's business, which generates most of its income in Hong Kong. But Mr Wong said the company intended to increase its presence in the hotel management sector in China. The China Harbour View Hotel in Wan Chai was acquired by a consortium from CNT in May for $620 million. Pearl Oriental now has an effective interest of 65 per cent in the hotel. CNT, through a wholly owned subsidiary, holds 30 million shares or three per cent of the company in a share placing before the new issue. Mr Wong said that despite the optimistic outlook for Hong Kong's hotel sector, the company had decided to redevelop the Wan Chai site into an office tower. He said: ''Given the location of the hotel site, we believe the it can be more effectively utilised if it is turned into a grade A commercial building.'' However, he noted that the company's confidence in the hotel sector could be reflected in its commitment in other hotel projects, such as the Pearl International Seaview Hotel in Yau Ma Tei. Expressing confidence in China's hotel industry, Mr Wong said the mainland sector had passed its worst times. ''Although supply of rooms in some places is above demand, expectations are high that the supply will decrease gradually,'' he said. The average hotel occupancy rate in China was now some 60 per cent, he said, but this varied from one area to another. The company manages several hotels on the mainland.