Kaisa may raise up to $574 million in IPO

Kaisa Group Holdings Ltd, a property developer in southern China's Pearl River Delta, may raise as much as HK$4.45 billion ($574 million) in a Hong Kong initial public offering, said a sale document yesterday.

The Shenzhen-based company is selling 1 billion new shares, or a 20 percent stake, at HK$3.45 to HK$4.45 apiece, said the document e-mailed to fund managers. The high end of the range values it at HK$22.3 billion.

Ten-year-old Kaisa has 31 projects in nine Chinese cities with a gross floor area of 12.5 million square meters (134.5 million square feet) as of September, according to a Bank of China International (Holdings) Ltd report dated November 10. The Pearl River Delta accounted for almost 64 percent of its land bank, it added.

HKMA sells HK$2.325b to keep HKD in trading band

Hong Kong's de facto central bank, the Hong Kong Monetary Authority, yesterday afternoon injected HK$2.325 billion (US$300 million) into the money market to stem an appreciating Hong Kong dollar and keep it within its fixed trading band. The Hong Kong dollar hit the top of its trading band at 7.7500 yesterday as money poured into the stock market, dealers said. Hong Kong has seen massive capital inflows in recent months as a weak US dollar and very low interest rates make asset prices attractive and on market expectations that China could soon resume appreciation of its yuan currency. According to Reuters' data, the latest intervention will bring the aggregate balance - the sum of balances on clearing accounts maintained by banks with the HKMA - to HK$308.290 billion by November 25, taking into account the issue of HK$14 billion in additional Exchange Fund bills.

Macao plans MJ shrine to house iconic glove

A casino in the Chinese gambling haven of Macao will open Asia's first Michael Jackson shrine after its owners bought the late King of Pop's iconic white rhinestone glove for $350,000 at a US auction.

The shrine will be located in the lobby of the casino-resort Ponte 16, adding to Macao's attractions which already include the world's largest casino, The Venetian.

"MJ's distinctive musical sound, vocal style and choreography inspired numerous pop, rock, R&B and hip hop artists," said Hoffman Ma of Success Universe Group, who has teamed up with Macao gaming tycoon Stanley Ho in the Ponte 16 venture. The aim is to create a venue for reminiscing about this great performer of the 20th century, he added in a statement.

During Saturday's auction of Jackson memorabilia in New York, Ma's firm paid almost eight times the pre-sale estimate amid stiff bidding.

Palmer open to talks with Rinehart on coal mine plans

Billionaire Clive Palmer would consider sharing port and rail lines with Australia's richest woman Gina Rinehart to cut the combined A$15 billion ($14 billion) cost of their two Queensland coal projects.

Palmer and Rinehart are hoping to fund coal and iron ore projects in partnership with Chinese state-owned enterprises to tap surging demand after iron ore and thermal coal prices tripled this decade. Palmer is seeking as much as $3 billion in the initial public offering of Resourcehouse Ltd in Hong Kong.

Resourcehouse is aiming to start building the China First coal mine, port and rail project in the Galilee Basin in Queensland next year and has agreed sales accords with Metallurgical Corp of China Ltd, which will also help arrange financing.

China Daily/Agencies

(HK Edition 11/24/2009 page4)