Chinese developer Qingjian Realty plans to conduct its first initial public offering (IPO) in Singapore next year and raise up to S$500 million, according to The Straits Times.
Possibly the first Chinese developer to list itself in the country, Qingjian Realty is eyeing Singapore as a springboard for expansions in the region, including countries like Myanmar and the Philippines, said Managing Director Zuo Hai Bin.
Depending on market sentiment, the mass-market homebuilder will either launch its IPO by the end of this year or early next year. Zuo noted that a stable and transparent property market along with clear regulations make Singapore a favourable market to list.
He added that the company was supposed to diversify into the higher-end segment but weak demand along with the ABSD (additional buyer’s stamp duty) prompted it to hold off those plans.
Although there is stiff competition in the estates of Sengkang and Punggol, Qingjian is optimistic that its projects will perform well.
“The Government is pushing to develop the area, with a lot of Build-to-Order (BTO) flats and executive condos being pushed out. This will get more people to live there, which will make the estates more vibrant,” noted Zuo.
“We want to go in together with the Government in developing these areas, but, of course, we will be looking at other areas as well.”
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