房地产经典案例 SOHO China.pdf

9-703-011 M A R C H 2 4 , 2 0 0 3 Y A S H E N G H U A N G y SOHO China p In the fall of 2002, SOHO China Limited, a real estate development company based in Beijing, China, was completing its preparations for an initial public offering. The company was a privately owned real estate developer specializing in the development and marketing of high-end properties in o mainland China. With Goldman Sachs Asia as the lead underwriter, the company planned to be simultaneously listed on the Hong Kong Stock Exchange and the New York Stock Exchange in November 2002. If successful, the dual offering would make SOHO China the first private real estate firm on the mainland to go public in the global equity market, and the first of any firms in the Chinese private sector to be listed on the big board in New York. SOHO China’s joint owners and co-chief executives, Pan Shiyi and Zhang Xin, had been waiting C for this day for a long time. To them, the IPO would not only be the ultimate testimony of success of their innovative entrepreneurial venture, but would provide a critical solution to the capital needs of their next phase of expansion. I