HONG KONG, July 6 Carlyle-backed New Century
Real Estate Investment Trust has raised HK$676 million
($87.2 million) from a trimmed Hong Kong initial public
offering, after pricing the float at the bottom of the
indicative range, IFR reported on Friday.
The company, owner of four five-star hotels in mainland
China, slashed the size of its offering by 66 percent amid
volatile market conditions, said IFR, a Thomson Reuters
New Century sold 193 million shares, instead of the original
470 million shares, at the bottom of the same indicative price
range of HK$3.50-$4.20 per share.
Morgan Stanley and Standard Chartered Plc
were hired as joint global coordinators of the offering.