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Franshion Properties is listed on the Main Board of the Stock Exchange of Hong Kong on August 17

Date:2007-08-21 Source:Sinochem Group


The

Franshion Properties (China) Co. Ltd. (hereafter referred as “Franshion Properties”, Stock Code: 0817), the flagship company of Sinochem in the field of real estate development, has been listed on the main board of the Stock Exchange of Hong Kong since 17 August. The share scheduled for IPO in Hong Kong is oversubscribed by 170 times, and its international stock shares have been greatly oversubscribed.

In view of the enthusiastic response from the market, Franshion Properties offers at the maximum issue price of RMB 2.35 per share. The final stock sales includes both 705,552,000 IPO shares (after claw-back) and 705,548,000 shares of international stock sales (after claw-back and before adjusting over-allotment option), each of which takes up about 50% of the total amount of the stock sales.

It is reported that Deutsche Bank Hong Kong Branch is the exclusive global coordinator, an exclusive book runner and an exclusive lead operator of the global stock offering of Franshion Properties. The net income of the funds collection is equal to HK$ 3.1026 billion, most of which will be used for partial payment of purchasing Beijing Sinochem Mansion, Wangfujing Grand Hotel and Beijing Chemsunny World Trade Center; partial payment of developing the properties of Shanghai Huigang Land Development Project and related project funds; partial payment of purchasing Jin Mao, World Trade Investment and Sinochem Hong Kong’s rights & interests in Shanghai Yinhui according to the authorization by Franshion Properties’ option. The rest of the funds will be used for general expenses of the company operation.

Franshion Properties was established in Hong Kong in 2004. Currently, the company has been developing or has already launched several high-quality real estate projects in Beijing, Shanghai and Zhuhai. These already completed projects include Shanghai Fortune Plaza, partial development projects of Shanghai Zhangyang Binjiang Garden and Beijing Chemsunny World Trade Center. Other projects, such as site B of the International Passenger Transport Center of Shanghai Gaoyang Port and Zhuhai Meiyijian Garden are under construction at present.