June 16 (Bloomberg) -- Glorious Property Holdings Ltd., a real estate developer in nine Chinese cities, may raise as much as $1.1 billion in a Hong Kong initial public offering, according to an e-mail sent to fund managers today.

The builder of apartments, townhouses, retail properties, offices and hotels today began gauging investor demand for a sale of 2.25 billion shares, or a 30 percent stake, said the e- mail. About 77 percent of that will be new shares sold by the company, the e-mail said.

If successful, the sale could be the largest Hong Kong property IPO since the $1.9 billion offering by Soho China Ltd. in September 2007, according to data compiled by Bloomberg. At least three property companies have delayed or canceled Hong Kong IPOs this year as stock markets slumped and on concern China's government may curb the real estate industry.

Changsheng China Property Co. canceled a sale of as much as HK$1.1 billion ($144 million) in January. Evergrande Real Estate Group shelved an HK$16.6 billion offering in March. Powerlong Real Estate Holdings, a Chinese developer founded by Macanese businessman Hoi Kin Hong, on June 12 delayed taking institutional orders for an IPO.

Central China Real Estate Ltd., part-owned by Singapore's CapitaLand Ltd., completed a $177 million property IPO in May, Hong Kong's first since November 2007.

Glorious Property has projects in Shanghai, Tianjin, Beijing, Wuxi, Suzhou, Nantong, Hefei, Shenyang and Harbin in eastern China. It has 15.9 million square meters (171 million square feet) of yet to be developed land in the country, the e- mail said.

The company may begin taking orders from fund managers for the IPO on June 23 and price the sale July 8. Stock trading is scheduled to start July 15.

Deutsche Bank AG and JPMorgan Chase & Co. are managing the sale.

To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net

Last Updated: June 16, 2008 06:17 EDT