Swire to raise funds for debt repayment

HONG KONG - Swire Properties Ltd, landlord to Time Warner Inc and Societe Generale in Hong Kong, is seeking to raise as much as HK$20.8 billion ($2.7 billion) in what would be the city's largest initial public offering (IPO) since 2007.

Swire Properties aims to sell 910 million new shares, equivalent to a 13.79 percent stake, at between HK$20.75 and HK$22.90 each, Martin Cubbon, executive director of parent Swire Pacific Ltd, said in London during a video conference with reporters on Monday. The stock is to be priced on Friday and start trading May 14, he said.

Swire Properties, the biggest commercial landlord in eastern Hong Kong Island, is raising money as office rents in the city may increase this year as companies start to rehire amid a more optimistic economic outlook.