Evergrande shares up 14% in HK debut

China's leading property developer Evergrande Real Estate Group has just been listed on the Hong Kong Stock Market. It may be the biggest mainland property IPO in Hong Kong this year. The IPO raised 729 million US dollars for Evergrande.

Shares debuted at 4 Hong Kong dollars, 14 percent higher than IPO price of 3 and a half. Evergrande attract strong demand because of its low valuations. It drew orders for 12 times the number of shares earmarked for institutional investors.

The Hong Kong retail tranche generated orders for about 46 times the shares initially on offer. Evergrande has the largest land reserves among mainland property firms. It was No. One in the third quarter in terms of sales of floor area and construction area.