Glorious Property Holdings
Encyclopedia
Glorious Property Holdings Limited is a Shanghai
-based property developer, established in 1996. It has a land bank
of 13.6 million square meters in cities like Shanghai
, Beijing
and Tianjin
.
Glorious Property was incorporated in the Cayman Islands
in July 2007 and develops property mostly in China. Projects include Sunshine Holiday in Tianjin and Shanghai Bay, situated along the Huangpu River
. Its first property was the Sunshine Greenland hotel in Shanghai in 1996.
The company as of July 2009 had 19 projects in various stages of development (seven of them in Shanghai) with a total land bank of around 13.6 million square meters.
Zhang Zhi Rong, founder, chairman and controlling shareholder, has more than 13 years experience in the industry, and before that was involved in construction materials trading and sub-contracting.
initial public offering
of US$1.53 billion. Glorious Property is due to list on the Hong Kong stock exchange on October 2.
Glorious Property is seeking to sell 2.25 billion shares at a price range of four Hong Kong dollars to HK$5.30 (52 U.S. cents to 68 U.S. cents) each, translating to a forward price/book multiple of 9.5 to 12.4 times. The company also has an option to increase the deal size by 15% to raise a total of US$1.76 billion. Four cornerstone investors have already been guaranteed US$130 million worth of shares, including Sino-Ocean Land
Holdings Ltd., Shanghai Industrial Holdings
Ltd., China Southern Fund Management Co. and a private company under Hong Kong conglomerate Nam Fung Group.
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
-based property developer, established in 1996. It has a land bank
Land Bank
A land bank is a bank that issues long-term loans on real estate in return for mortgages. This term could also apply to:*The Land Bank of Taiwan, a wholly state-owned bank of the Republic of China...
of 13.6 million square meters in cities like Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
and Tianjin
Tianjin
' is a metropolis in northern China and one of the five national central cities of the People's Republic of China. It is governed as a direct-controlled municipality, one of four such designations, and is, thus, under direct administration of the central government...
.
Glorious Property was incorporated in the Cayman Islands
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
in July 2007 and develops property mostly in China. Projects include Sunshine Holiday in Tianjin and Shanghai Bay, situated along the Huangpu River
Huangpu River
The Huangpu River is a -long river in China flowing through Shanghai...
. Its first property was the Sunshine Greenland hotel in Shanghai in 1996.
The company as of July 2009 had 19 projects in various stages of development (seven of them in Shanghai) with a total land bank of around 13.6 million square meters.
Zhang Zhi Rong, founder, chairman and controlling shareholder, has more than 13 years experience in the industry, and before that was involved in construction materials trading and sub-contracting.
IPO
In September 2009, it is seeking a Hong Kong Stock ExchangeHong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
of US$1.53 billion. Glorious Property is due to list on the Hong Kong stock exchange on October 2.
Glorious Property is seeking to sell 2.25 billion shares at a price range of four Hong Kong dollars to HK$5.30 (52 U.S. cents to 68 U.S. cents) each, translating to a forward price/book multiple of 9.5 to 12.4 times. The company also has an option to increase the deal size by 15% to raise a total of US$1.76 billion. Four cornerstone investors have already been guaranteed US$130 million worth of shares, including Sino-Ocean Land
Sino-Ocean Land
Sino-Ocean Land is a real estate state-owned joint-venture enterprise in Mainland China, which is a subsidiary company of COSCO Group...
Holdings Ltd., Shanghai Industrial Holdings
Shanghai Industrial Holdings
Shanghai Industrial Holdings Limited or SIHL is a conglomerate company consisting of real estate, infrastructure, medicine and consumer products businesses in Shanghai, China...
Ltd., China Southern Fund Management Co. and a private company under Hong Kong conglomerate Nam Fung Group.