Foreign sources said yesterday, Hengda Group, property developers in Hong Kong last month to postpone IPO plan, has decided to strategic investors for equity financing. Deutsche Bank, Merrill Lynch & Co. and Temasek Holdings of Singapore talks with Hengda, Hengda scheme again to the three strategic investors to sell shares, the price will be 2006 Hengda-year basis for the introduction of the three investors when lower.

"First Financial Daily" yesterday to the Hengda Real Estate Group General Manager in charge of marketing for verification, the other said that the financing plan Hengda by professional investment companies, the specific plan is not clear, but is still doing the preparatory Hengda listed. In addition, she said the outside world about the recent chain of company funds a variety of rumors have no comment. At the same time, she said the first quarter of this year, Guangzhou Hengda has been good progress in sales, last weekend the new disk Chengdu sold "sold几个亿day."

The financing of the above-mentioned objects (investment bank) are mostly reluctant to respond to this. Among them, the Deutsche Bank investment in the Mainland is responsible for the publication of information Public Relations said that any unconfirmed information so comment. Temasek is the investment business by the headquarters in charge of marketing, declined to comment on these rumors.

The expectations this year, 3 landing on the Stock Exchange of Hong Kong, the Mainland has been the richest man in the outside world as the successors of the Hengda Group Chairman Xu Jiayin, according to informed sources, this year he 3 On 20 announced the delay in Hong Kong after the listing has been carried out in Europe and America to study and new financing efforts. In the Mainland, Hengda land reserve within one year an increase of nearly 8 times and high debt ratio has also become the focus of the industry.

4 Hengda early rumor that the property has to be adopted by Hengda IPO sponsors Credit Suisse, Goldman Sachs and Merrill Lynch is responsible for placing the new financing plan for the conduct of its private equity financing, raising Most places will be 5 100 million U.S. dollars.

The news yesterday of three foreign banks, as early as 2006, Hengda on investment, by virtue of their financial support, Hengda in the year from the land reserve will be more than 600 increased to 10,000 square meters 4580 more than 10,000 square meters.

According to information Hengda, 2006, 11 years on Deutsche Bank, Merrill Lynch and Temasek bid 4 100 million U.S. dollars to subscribe Hengda 8 billion in convertible preferred shares. In addition, sources said, 2007 8 In on secured through Credit Suisse, raised Hengda 4.3 billion U.S. dollars foreign loans and 2000 territory million loan. 2007 9 In on, through the mortgage Hengda Hengda Royal Peninsula project, a loan to the Merrill Lynch 1.3 million, for the purchase of land. But done in response to Hengda side.

According to the prospectus Hengda, Hengda give the basis of the above-mentioned three significant benefits the interests of investors: If in the year 2008, 6 6 On before listing rate of return on investment of not less than 40 %; If the year 2008, 12 6 On before the listing of not less than the rate of return If %; 50 2009 6 years on 6 Hengda before the rate of return is not listed , %; less than 60 in 2009, 12 years on 6, listed a few days ago, the rate of return of not less than 70% . Hengda if unable to complete the listing, Hengda will be related to current earnings to buy back shares to institutional investors.

in 3 prospectus when released, such as Merrill Lynch and other sponsors of the estimated market value of Hengda 1000 100000000 ~ 1,300 million Hong Kong yuan, equivalent to their 30 % stake in the proportion of investment banking for more than a year at least be able to get close to the time 10 times earnings.

This shows that Hengda be listed by institutional investors has been over-income快进快出. Hengda delay even if the listed firms can still vote through this platform, access to real estate investors in the Mainland in the stability of income, and the later Hengda listed investment bank earnings on higher loan-dimensional problem which is recorded for the 3 quarters, such as loss-making investment bank Merrill Lynch for the high returns in emerging markets as their willingness to continue to inject funds into the reasons.

Industry sources, through heavy promotion , Hengda Real Estate cash from circulation within one month of the last 10 billion, has been temporarily relieve a breath and be able to cope with short-term development and bank lending pressure, "but it is too much of a land bank, is not currently possible to pay a huge premium is in addition to loans and the development of Hengda pressure, facing the most difficult problem." Industry sources.

The reporter learned from Hengda found prospectus, Hengda listing on the eve of this year 1, the total amount taken in Guangzhou 41 billion of "prime sites" projects, As of its release prior to the listing prospectus, it is to pay a 130 million the previous paragraph. Hengda and 4000, nearly the project is 10,000 square meters in 2007, signed within the year, will face such as Guangzhou "prime sites" as the situation (can not be paid to paragraph) is still uncertain.

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