Country Garden ties up HK$300b

Guangdong-based property developer Country Garden Holdings' HK$12.9 billion initial public offering has become the second most popular in Hong Kong after receiving HK$300 billion worth of orders from retail investors, sources said.

That was only behind the HK$410 billion of retail subscriptions for Industrial and Commercial Bank of China in October last year but beat Bank of China's HK$270 billion in May. Country Garden's retail tranche was 240 times oversubscribed, sources said. The developer is selling 2.4 billion new shares at between HK$4.18 and HK$5.38 each.