Biz Scene: MARKET

NY listing

Xinyuan Real Estate Co said it plans to raise as much as $262.5 million in a New York listing, according to its share sale document.

The Henan-based company is selling 17.5 million American depository shares at between $13 to $15 each, the document said.

Merrill Lynch & Co is arranging the sale.

Xinyuan will use 95 percent of the sale's proceeds to acquire land use rights for future projects, the document said.

(China Daily 11/28/2007 page15)