Property tycoons are lending their support to the Hong Kong IPO market for the first time in years, a move that could help fan the flames of a nascent recovery.
Billionaire Robert Ng’s Sino Land Co. is one of the largest cornerstone investors in the $793 million Hong Kong listing from courier service SF Holding Co. that kicked off this week. An investment vehicle backed by the family of New World Development Co. Chairman Henry Cheng is also among the 10 parties that committed to buy stock in the offering in return for guaranteed allocation.
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