International portion of Shui On Land IPO covered

By Staff
|
Google Oneindia News

HONG KONG, June 11 (Reuters) Chinese property developer Shui On Land Ltd. said on Sunday the international portion of its US4 million Hong Kong IPO has been covered despite volatile markets.

The international tranche -- 90 percent of its 1.055 billion shares on offer -- has been covered ahead of the launch of the deal's retail portion on Monday, said Vincent Lo, chairman of the firm.

Shui On Land is offering shares at HK.60-HK.55 each.

The order book will close on June 15, with a trading debut set for June 23.

Lo expects capital expenditure to amount 3.5 billion yuan to 4 billion yuan this year.

Along with other emerging markets, Asian stocks have been hit since mid May be rising risk aversion among investors on the prospects of higher U.S. interest rates and concern that costly commodities will slow global growth.

REUTERS PV PM1805

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