New York-listed Xinyuan Real Estate Co. Ltd. on Oct. 11 listed Xinyuan Property Management Service (Cayman) Ltd., its property management business, on the Hong Kong Stock Exchange.
As part of its IPO, Xinyuan Property Management Service (Cayman) issued 25% of its outstanding shares. The IPO was priced at HK$2.08 per share, resulting in a market valuation of HK$1.04 billion. After the listing, Xinyuan Real Estate will remain the largest shareholder of the company with a 60% stake.
The division has a total of 30.01 million square meters of contracts signed across China, of which contracts totaling 15.80 million square meters are under management.
