Hony-Backed Hydoo International Completes $212 HK IPO

Shenzhen-based Chinese commercial real estate developer Hydoo International has completed an IPO in Hong Kong, raising US$212 million.

In 2011, Beijing-based Hony Capital invested US$80 million for a 20% stake of Hydoo.

Hydoo International focuses on developing trade centers in China’s third- and fourth-tier cities, and currently manages 11 properties throughout the country.

The company says it will use the proceeds of the IPO for land acquisitions and project development.