SHANGHAI Forte Land Co is poised to sell shares in China through an initial public offering to raise as much as 1.58 billion yuan (US$228 million) to fund developments, the South China Morning Post reported, citing unidentified people.

The developer plans to sell 632 million shares at 10 percent lower than its Hong Kong-listed shares, the Hong Kong-based newspaper said. Those shares closed at HK$2.81 (36 US cents) last Friday.