Chinese developer Future Land prices $265 mln HK IPO at bottom

HONG KONG Thu Nov 22, 2012 7:48pm EST

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HONG KONG Nov 23 (Reuters) - Chinese property developer Future Land Development Holdings Ltd has priced its Hong Kong initial public offering at HK$1.45 per share, the bottom of an indicative range, according to a term sheet of the deal seen by Reuters on Thursday.

Future Land offered 1.42 billion new shares, putting the total deal at HK$2.06 billion ($265 million). It had marketed the IPO at an indicative range of HK$1.45-HK$1.79 per share.

Bank of America Merrill Lynch was hired as sole global coordinator for the IPO, with China International Capital Corp (CICC) and Haitong International acting as joint bookrunners. ($1 = 7.7508 Hong Kong dollars) (Reporting by Elzio Barreto; Editing by John Mair)

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