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ios developer account:China Evergrande to raise $2 bln in pre-IPO for property, car marketplace unit

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HONG KONG, March 29 - China Evergrande Groupon Monday said it will sell 10% of its online realestate and automobile marketplace, Fangchebao (FCB), to 17investors for HK$16.35 billion ($2.10 billion), in a fundraisingahead of the unit's initial public offering (IPO).

FCB, with a pre-financing valuation of over 150 billion yuan($22.92 billion), could list on the Nasdaq or other suitablestock exchange, Evergrande said in a bourse filing.

The country's most indebted developer has said it would spinoff several units to lower its debt amid tighter industryregulation and investor concern about its cash flow.

Its interest-bearing debt was about $110 billion atyear-end.

The firm listed Evergrande Property Services Group Ltdin December, raising $1.8 billion. In January, ChinaEvergrande New Energy Vehicle Group Ltd said it wouldraise $3.4 billion by bringing in six new investors.

China Evergrande Group's share price soared as much as 8.5%in morning trade to HK$16.08.

Evergrande said the FCB deal would see half of funds raisedthrough selling existing stock and the other half by issuing newshares. The developer will use half of the funds for its owngeneral corporate proposes.

The 17 investors include CITIC Capital and the family of thechairman of New World Development Co Ltd, plus thechief executive of Evergrande, Xia Haijun.

Investors can request Evergrande repurchase the shares at a15% premium if FCB does not complete its IPO within one year,Evergrande said.

"The group's financial strength will greatly be enhanced,furthering the rapid development of FCB," Evergrande said. REUTERS


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