China Yuanbang Property Holdings Ltd., a residential and commercial property developer in Guangzhou province, may raise about $33 million from its Singapore initial public offering.

The company wants funds to expand its land bank for future property developments and to fund construction of existing projects, according to a preliminary prospectus which doesn't give the IPO size.

A roadshow is expected to begin soon, the person told Dow Jones Newswires without giving other details. The developer had audited net profit of CNY45.6 million ($5.9 million) in 2006 and forecasts net profit to fall to CNY16.8 million in 2007.

Property company earnings can be volatile due to revenue only being recognized once a development is completed and the varying duration of projects. China Yuanbang would be the fourth Chinese issuer to list in Singapore this year, according to Thomson Financial. The Singapore Exchange gets about half of its new listings each year from China. 

Source:佚名