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Property developer Helenbergh China eyes up to US$700M in Hong Kong IPO

Chinese real estate developer Helenbergh China aims to raise between US$500 million and US$700 million in a Hong Kong IPO, The (Hong Kong) Standard reported.

The Guangzhou-based company aims to launch the pre-marketing of the public float as early as February, the report noted. It intends to use the net IPO proceeds for land purchases, M&A and to pay existing property development costs and general working capital.

The company had 112 projects or project phases of development with a total gross floor area of approximately 23.4 million square meters across 31 mainland China cities.

Helenbergh China's 2018 first-half net profit rose 62.14% year over year to approximately 547.6 million yuan, according to the publication.

As of Jan. 8, US$1 was equivalent to 6.85 yuan.