China machinery maker IMM plans $500m IPO

International Mining Machinery Ltd (IMM), a Chinese mining equipment company, aims to raise about $500 million from a Hong Kong initial public offering by February, sources close to the deal told Reuters yesterday.

IMM, backed by private equity firm The Jordan Company, mainly designs and manufactures coal mining equipment in China.

China car franchiser Zhongsheng plans $1b IPO

Chinese automobile franchiser Zhongsheng Group aims to raise between $800 million and $1 billion from a Hong Kong initial public offering in the first quarter of 2010, sources close to the deal said yesterday, aiming to tap the robust growth in the country's auto market. Zhongsheng, based in Chinese habor city of Dalian, mainly provides sales, spare parts, services and surveys businesses for major international automobile brands, including Audi and Toyota in China, now the world's biggest car market.

Evergrande sees strong growth in house prices

Hong Kong listed Evergrande Real Estate Group Ltd said yesteray that it expects the average selling price for its apartments in second-tier mainland cities to rise by a third this year on robust demand from home buyers.

Evergrande, based in the southern province of Guangzhou, sees residential prices fluctuating between 6,000 yuan ($880) and 7,000 yuan per square meter in 2010, company executives said. In 2009, the company's average selling price was 5,375 yuan per square meter.

Housing prices in some Chinese cities have been rising strongly, sparking concern among China's leaders, with Premier Wen Jiabao saying the government would work to clamp down on speculation.

China Daily/Agencies

(HK Edition 01/06/2010 page4)