PROPERTY management company China Resources Mixc Lifestyle Services Ltd. has raised US$1.58 billion after pricing its Hong Kong initial public offering (IPO) at HK$22.30 (US$2.88) per share, the top of a marketed range, according to people familiar with the matter.

The services arm of developer China Resources Land Ltd. sold 550 million new shares in the IPO, the people said. An external representative for the company declined to comment.

China Resources Mixc had set a price range of HK$18.60 to HK$22.30 per share for the IPO and brought in seven cornerstone investors including Singapore sovereign wealth fund GIC Pte and Hillhouse Capital.

China’s developers are spinning off their property management units at a record pace this year to raise funds as the country limits their debt growth.

Some US$6.53 billion has been fetched so far from IPOs in the sector, the highest on record. Last week, China Evergrande Group’s services arm raised US$1.84 billion, half of which will go to the heavily indebted parent.

Shares of China Resources Mixc are expected to start trading Dec. 9. It plans to use the proceeds to make strategic investments and acquisitions to expand its property management and commercial operational businesses, pursue investments in providers of value-added services and invest in information technology systems.

CCB International Securities Ltd., China International Capital Corp., Citigroup Inc. and Goldman Sachs Group Inc. are joint sponsors for the offering. (SD-Agencies)