Sept. 28 (Bloomberg) -- China Aoyuan Property Group, a developer in southern China, may raise HK$3.64 billion ($469 million) after pricing a Hong Kong initial public share sale at the top end, according to two people with direct information.

The developer is expected to price 700 million new shares at the top of a HK$4.10 to HK$5.20 range after attracting demand that exceeded the supply of stock, said the people, who declined to be identified before an official statement next week. That would value Aoyuan, which is selling a 31.8 percent stake, at HK$11.4 billion, according to Bloomberg News calculations.

Hong Kong individuals ordered about 198 times the number of shares of the Guangzhou-based developer initially earmarked for them, the people said. International institutions demanded about 250 times the stock available to them.

Credit Suisse Group and Morgan Stanley are arranging the sale. Josephine Lee, a Hong Kong-based spokeswoman for Credit Suisse, and Nick Footitt for Morgan Stanley, declined to comment. An unidentified person who answered the phone at Aoyuan declined to comment and refused to give her name.

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

Last Updated: September 28, 2007 00:40 EDT