Photo: iStock
Photo: iStock

Midea Real Estate Holding Limited, one of the major real estate developers in China, is planning to raise up to HK$4.451 billion (US$570 million) and list on the Hong Kong Stock Exchange on October 11, The Paper reported.

The company said it will launch an IPO from September 28, aiming to issue 180 million shares at a price of HK$17 to HK$21.5 per share.

As of June 30 this year, Midea Real Estate has 142 large-scale property projects, mainly distributed in the areas of the Pearl River Delta, the Yangtze River Delta, the middle reaches of the Yangtze River, the Bohai Sea Rim and southwestern China.

Between 2015 and 2017, Midea’s home sales were 11.1 billion yuan, 20.6 billion yuan, and 50.7 billion yuan, respectively, seeing a compound annual growth rate of approximately 113.7%.

Midea Real Estate is a member company of the Midea Group, one of the largest electric appliance manufacturers in China.

Hao Hengle, chairman, executive director and president of the company said they will strive to become one of the top ten real estate developers in the nation.