Glorious Property sets price range for IPO

Shanghai residential developer Glorious Property Holdings is looking to raise up to US$1 billion in a Hong Kong listing after fixing the indicative price range for its initial public offering at HK$4 to HK$5.30 per share. Company sources say four strategic investors have been lined up - a unit of Shanghai Industrial Holdings, which has committed to US$50 million worth of shares; a Nan Fung Development unit and a Sino-Ocean Land Holdings subsidiary, which will take US$30 million worth each; and private equity fund China Southern Fund Management, which will take US$20 million worth.