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And the new business will be listed today, the business district on the ground floor in order to build and operate mainly of large enterprises, announced taking into account all from the public offering in Hong Kong under a pool of qualified applicants to confirm receipt of an effective, has received a total of 1987.4 million valid applications, representing public offering of 300,000,000 shares available for subscription of 6.6 percent, accounting for 0.66 percent of global sale, and has not been the subscription of shares allocated to international placing.

Global market turmoil in the background, investors lower. Due to lack of international placement subscription, and will be part of the international sale of 396,000,000 shares have been allotted to the Ever Union Capital Limited (the company's existing shareholders) and E-House (China) Holdings Limited (the company's existing shareholders Palmas Assets Limited's associates ). The subscription of additional shares will Ever Union and in the business of ownership from the current 0.65 percent to 2.19 percent.

And was originally scheduled for listing on the 15th of this month, stock prices move between 1.4-1.71 yuan, 3.0 billion shares on sale of new shares, raising up to 5,130,000,000 yuan, but because of poor market response, the stock price will move down to 1.13 yuan , To raise funds also reduced to 3,390,000,000 yuan.

Harbin in 1992 and set up business in a certain sense as a commercial real estate developer, the choice of development models and other large-scale commercial real estate development model does not do the same, the" clothing on the ground floor of commercial real estate, "famous for the project are For the major provincial capitals in the development of large-scale underground shopping centers and air defense apparel wholesale distribution, including the city of Harbin and 123, a road to Guangzhou and Zhengzhou to a road, and so on.

General commercial real estate developers, Wu Waihu first advantage in urban areas to buy land for the construction of shopping malls, offices, hotels and other large commercial property construction, or after the completion of the sale or rental, or possession, as Profit. And for commercial, is going "class line": the city's main commercial area for the underground sections of the road, criss-crossing the property by the underground network, after the completion of the "underground city" has a large number of shops Small-scale shopping centers and other units for profit. Developers will level the city to the development of high-altitude, it also did not forget Wang Dexia development.

At the same time, business people and the underground city did not ignore the" top line "for its development projects in Guangzhou, for example, business people and the railway station in Guangzhou Liuhua district 1,000,000,000 yuan of investment in the development of a garment's Road Town At the same time, Guangzhou is also the largest, most comprehensive air defense facilities in the project. The three sub-projects with a total area of 50,000 square meters, and the design of more than 10,000 square meters of super-large cargo working areas and about 5000 square meters of integrated business district.

Some analysts pointed out that the Mass City business model of development and different from the general pattern of shopping malls, to some extent, the real estate industry will not be subject to the terms of some of the restrictions. For example, in "the land value-added tax" and "golden land", and the business only through negotiations with the local government to obtain the right to development, or that as long as access to "air" with the agreement does not worry about using too many of the restrictions Its impact on development. And in this respect, and other business seems to be the same concept of the development of the developers have more advantages.

Built and operated in Harbin, Guangzhou, Zhengzhou three of the success of the project on the basis of the business and intends to such" underground city "business model to expand into Shenzhen, Shanghai, Hangzhou, Wuhan and Shenyang. According to the business and plans to major cities over the success of the project, and will enable the business to become "Asia's chief underground clothing Trade and Exhibition Center," the developer.

In order to complete its ambitious plans, and business began to seek financing, in the hope that access to capital markets in major cities in the development of the" underground city "of the funds needed.

January this year, and business was announced that New World Development's World Investment Co., Ltd. strategy, the United States Sequoia Fund, as well as three international funds of about 2,300,000,000 yuan of investment, the investment strategy of the New World about 1,300,000,000 yuan , International investment funds of about 800,000,000 yuan. Investment funds were responsible for this evaluation: "The traditional real estate companies on the land reserves and geographic location of the project are very high. As a scarcity of resources, lots of good land supply will always be in short supply. And rely on the commercial development of large-scale underground Civil air defense projects to manage business operations, from the land and the project is heavily dependent on the location. "

In the above-mentioned 2.3 billion was invested shortly after the Hong Kong market and business plan began to become clear, and in April 2008 to the Stock Exchange of Hong Kong submitted with the applications. The initial financing plan 11700-15600 million Hong Kong dollars, in the 2008 second quarter. Its listing sponsors were HSBC, Morgan Stanley, UBS and the Bank of China International.

Since then, the market due to industry and business conditions, business and market adjustment plan, delayed time to market, the size of the financing will be reduced to 7.8 billion Hong Kong dollar.