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Bloomberg
Chinese billionaire He Xiangjian, who founded the world’s largest appliance maker Midea Group Co., is planning an initial public offering of his real estate business, according to people with knowledge of the matter.
Guangdong Midea Property Co. has been speaking with investment banks about a potential Hong Kong share sale that could take place in 2018, the people said.
The Chinese developer had about $12 billion of assets at the end of June, according to its interim report. Deliberations are at an early stage, and Midea Property hasn’t decided on an exact fundraising size or the valuation it will seek in the IPO, the people said, asking not to be identified because the information is private.
Chinese real estate companies listed in Hong Kong have risen an average 60 percent this year, outpacing the 30 percent rise in the city’s benchmark Hang Seng Index.
That rally led to $1.5 billion of follow-on stock offerings from the mainland property industry this year, according to data compiled by Bloomberg.
An official at Midea Property said he has no clarity on the
topic. An email sent to a general inquiry address listed on
Midea Property’s website wasn’t immediately replied.