<article>Midea Real Estate Holding Ltd., the Chinese developer backed by the founder of the world’s largest appliance maker, is seeking to raise as much as $493 million in a Hong Kong initial public offering.</article>

Midea Real Estate Holding Ltd., the Chinese developer backed by the founder of the world’s largest appliance maker, is seeking to raise as much as $493 million in a Hong Kong initial public offering.
The Guangdong-based company is offering 180 million shares at HK$17 to HK$21.50 apiece, according to terms for the deal obtained by Bloomberg. Youngor Group Co. and Foshan Yesheng Investment Co. agreed to buy about $178 million of stock as cornerstone investors, the terms show.
An index of Chinese real estate companies trading in Hong Kong has fallen 25 percent since its January all-time high, as authorities tighten financing channels to curb risks in the sector. The city’s benchmark Hang Seng Index has declined 17 percent over the same period.
Midea Real Estate plans to price the shares Oct. 4 and begin trading Oct. 11, the terms show. BNP Paribas SA and CLSA Ltd. are joint sponsors of the offering.
The company counts billionaire He Xiangjian, the founder of white-goods manufacturer Midea Group Co., and his daughter-in-law as controlling shareholders, according to a preliminary prospectus. Midea Real Estate has property projects in 36 Chinese cities, the document shows.
Bloomberg

Midea Real Estate Holding Ltd, Chinese developer backed by founder of world’s largest appliance maker, is seeking to raise as much as $493 million in a Hong Kong IPO.

Midea Real Estate seeks up to $493m in Hong Kong IPO

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Midea Real Estate seeks up to $493m in Hong Kong IPO

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