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China Logistics Attracts Anbang, Sino-Ocean to $433 Million IPO

  • Carlyle-backed warehouse developer starts delayed share sale
  • Cornerstone investors account for more than half of offering

Warehouse developer China Logistics Property Holdings Co. attracted cornerstone investors including Anbang Life Insurance Co. to buy more than half of its Hong Kong initial public offering, which is seeking as much as $433 million.

The Shanghai-based company, which is backed by Carlyle Group LP, is offering 1.04 billion shares at HK$2.55 to HK$3.25 apiece, according to terms for the deal obtained by Bloomberg. The bottom end of the range represents a 59.5 percent discount to China Logistics Property’s estimated net asset value, the terms show.