CHINA Aoyuan Property Group, a developer in south China, may raise HK$3.64 billion (US$469 million) after pricing a Hong Kong initial public share sale at the top end, according to two people with direct information on the matter.

The developer is expected to price 700 million new shares at the top of a HK$4.10 to HK$5.20 range after attracting demand that exceeded the supply of stock, said the people, who declined to be identified before an official statement next week. That would value Aoyuan, which is selling a 31.8-percent stake, at HK$11.4 billion, according to Bloomberg News calculations.

Hong Kong individuals ordered about 198 times the number of shares of the Guangzhou-based developer initially earmarked for them, the people said. International institutions demanded about 250 times the stock available to them.