Glorious Property Holdings raised US$1.28bn from its Hong Kong initial public offering, after pricing near the low end of an indicative price range, two people familiar with the situation said Friday.

The Shanghai-based developer's IPO, the first by a Chinese real-estate company in more than 15 months, was priced at the low end amid signs that the frenzy surrounding new listings is beginning to ebb, and comes as investors digest a spate of Chinese listings in the market.

Wall Street Journal