China Everbright Bank will IPO in Hong Kong

Expects to earn from US$1.5 billion to US$2 billion.

State-owned China Everbright Bank Company and the property unit of Hopewell Holdings Ltd intend to IPO in Hong Kong. China Everbright expects approval and the sale of shares in July.

Hopewell Holdings plans to raise up to US$778 million in an IPO of its Hong Kong real estate arm, Hopewell Hong Kong Properties Ltd. The real estate company plans to sell 340 million shares and set its price range at HK$15.30 to HK$17.80 a share, representing a 29% to 38% discount to its forecast net asset value.

Hopewell Hong Kong is now taking orders and is scheduled to list on the Hong Kong Stock Exchange June 19.

The planned listing comes amid a boom in Hong Kong's property market. Fueled by low interest rates and a deluge of money from wealthy mainland Chinese, residential prices in the city have doubled since the start of 2008.