George Soros In For Chinese Real Estate Developer Shares
Along with his former partner Jim Rogers, billionaire investor and activist George Soros is a major China bull. Apparently, he especially likes Chinese real estate. From the Chinese business site ChinaKnoweldge.com today:
U.S. hedge fund manager George Soros has spent HK$200 million to subscribe for shares offered by mainland real estate developer Longfor Properties Co<0960> in its Hong Kong IPO, sources reported.
Chongqing-based Longfor expected to raise HK$6 billion to HK$7.1 billion by selling 1 billion shares, priced at a range of HK$6.01 to HK$7.10. The IPO started on Nov. 6 and is now nearly five times oversubscribed, according to sources.
Besides, Singapore-based Temasek Holdings and Government of Singapore Investment Corp have also agreed to buy US$ 100 million of Longfor’s new shares, as reported by China Knowledge earlier.
Citigroup Inc, Morgan Stanley and UBS AG are the joint book runners of the IPO. The company is set to list on the Hong Kong Stock Exchange on Nov. 19.
Source:
“George Soros to invest HK$200 mln in Longfor IPO sale”
ChinaKnowledge.com (China), November 11, 2009
November 11th, 2009 at 8:29 pm
What better time to buy real estate than when it’s selling at $8,000 per sq. ft.?
November 14th, 2009 at 12:23 pm
Thanks for the comment Azbx23.
“What better time to buy real estate than when it’s selling at $8,000 per sq. ft.?”
Before it’s $16,000 per sq. ft., some might argue.
Despite all the criticism directed against George Soros, he has a pretty impressive track record when it comes to his investments. I’m not saying investing in shares of a Chinese real estate developer is a good, or bad, move. However, if Soros is doing it, it’s worth noting. Especially as it relates to the purpose of this blog.
November 15th, 2009 at 9:18 pm
“However, if Soros is doing it, it’s worth noting. Especially as it relates to the purpose of this blog.”
I agree, I was just taunting Soros a bit for his timing. He’s a smart chap. I’m sure it’ll benefit his investors somehow.
November 16th, 2009 at 9:25 am
Thanks for the follow-up Azbx 23.
“I agree, I was just taunting Soros a bit for his timing.”
I know. Soros, like a lot of the “legends” that are followed on this blog, has the tendency to make himself a “target” on a routine basis.