Chinese hotel trust look to sell 600 million shares

A Chinese hotel trust has started taking orders for a Hong Kong initial public offering that is expected to raise up to $437 million, the Wall Street Journal is reporting.

Jinmao Investments and Jinmao Investments Holding Ltd., whose assets include the Grand Hyatt Shanghai, is looking to sell 600 million share-stapled units in a range of HK$5.35-HK$5.65 each.

"The listed trust's assets will include six completed hotels in mainland China, including The Westin Beijing Chaoyang and JW Marriott Shenzhen, as well as two under development, the Renaissance Beijing Wangfujing HOtel and Grand Hyatt Lijiang," the article reports.