Glorious Property Holdings, the developer in nine Chinese cities that delayed its initial public offering last year, said billionaire Chen Din Hwa and Sino-Ocean Land Holdings will invest in its share sale.

Chen, ranked by Forbes Asia as Hong Kong’s ninth-richest man with a worth of $1.8bn, agreed to buy about $30m of the shares, Glorious said in a preliminary prospectus. Sino-Ocean, a Chinese developer, will also buy about $30m.

Glorious and shareholder Best Era plan to raise as much as HK$11.93bn ($1.54bn) in what may be the largest Hong Kong property IPO since Soho China raised $1.9bn in September 2007.