Developer to raise HK$12b

Sino-Ocean Land Holdings Ltd, the property unit of China's biggest shipping company, is seeking HK$11.9 billion in a Hong Kong share sale as real estate prices surge on the mainland.

The developer of residential, office and commercial properties in the northern Chinese Bohai Bay region will offer 1.55 billion shares, equivalent to a 36.6 percent stake, at HK$6.45 to HK$7.70 apiece.

Och-Ziff Capital Management Group, a New York-based hedge fund manager, has agreed to buy $30 million worth of the stock.