China Vanke Unit Seeks Up to $784 Million in Hong Kong IPO

Construction cranes tower over a Vanke residential development in Xining, Northwest China’s Qinghai province, in September 2021. Photo: Bloomberg

(Bloomberg) — Onewo Inc., the property management unit of real estate developer China Vanke Co. Ltd., is planning to raise as much as about HK$6.2 billion ($784 million) through a Hong Kong initial public offering.

The firm is offering about 116.7 million shares at HK$47.1 to HK$52.7 each, according to an exchange filing. The share sale attracted six cornerstone investors who have agreed to purchase around $280 million worth of stock, based on mid-point of the price range. China Chengtong Holdings Group Co. Ltd. and Singapore’s Temasek Holdings Pte are among the cornerstone investors.