Hopewell Hong Kong Properties, a unit of Hopewell Holdings, launched on Thursday an up to US$780 million (HK$6.05 billion) Hong Kong initial public offering, according to a term sheet of the deal seen by Reuters. The company is offering 340 million new shares in an indicative range of HK$15.30 to HK$17.80 each, putting the total deal at up to HK$6.05 billion . About 40 per cent of the IPO proceeds will be used to develop Hopewell Centre II, with 22 per cent set aside for the purchase and development of Amalgamation Properties and potential new developments. Another 30 per cent will be used to pay down debt. BOC International and Credit Suisse were hired as sponsors and joint global coordinators of the IPO, with Citigroup, HSBC and JPMorgan also acting as joint bookrunners.