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China property IPO shrugs off Brexit mayhem

HONG KONG -- In the face of jittery global financial markets due to Brexit, Chinese companies, especially those with strong state support, are pressing ahead with their first-time share sales in Hong Kong.

Greentown Service Group, which provides property management services in mainland China, said on Monday that the company was planning to raise between 1.35 billion and 1.71 billion Hong Kong dollars ($220 million) from selling 777.78 million shares at an indicative range of HK$1.74 to HK$2.2 apiece. The company plans to list in Hong Kong on July 12.

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