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Developer to float shares in 2010

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2010-03-22 14:37
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Sunshine100 Real Estate Group, a Beijing-based property developer, has kicked off its IPO plan in Hong Kong, the company's chairman Yi Xiaodi said on Monday.

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"We've set up a special team for the IPO and we'll try to float shares at the Hong Kong bourse within 2010," said Yi.

He added the company's development strategy will focus on second and third tier cities with more growth potential.

Industry statistics show that the sales volume in the first tier cites accounted for 26 percent among all the property sales in the country. But the figure dropped to 17 percent by the end of last year.