Starland Holdings Limited ("Starland" or "Company") is placing out 22.2m shares at $0.22 each via placement for a Catalist listing. Starland is a property developer for quality integrated residential and commercial properties in the PRC. The IPO will end on 25 April at 12pm. The market cap will be $31.84 million based on the post placement share cap of 144.733m shares.
This will just be for records only and i will not attempt to find a 'fair value' for this counter since there are no public tranche and i have not attempted to dissect its past financial performances.
The properties being developed are concentrated around the city of Chong Qing which is currently under political spotlight due to downfall of Bo Xi Lai.
I will avoid this counter for the following reasons:
1. China property market still in the doldrums;
2. The company is too small;
3. The city of Chongqing is currently under political turmoil, not sure if any fallout will impact this company.
4. There are better and more established developers around. This company is just one of the many small ones.