CENTRAL China Real Estate Ltd, part owned by Singapore's CapitaLand Ltd, raised HK$1.38 billion (US$176 million) in Hong Kong's first property initial public offering since November, industry insiders said.

The Zhengzhou, central China-based company sold 500 million shares, or a 25-percent stake, at HK$2.75 each, the sources said. The final price, at the bottom end of a HK$2.75 to HK$3.80 offering range, values the company at US$705 million, according to Bloomberg calculations.

Zhao Liming, Central China's Zhengzhou-based board secretary, declined to comment. So did Nick Footitt, a Hong Kong-based spokesman for the sale's arranger, Morgan Stanley.