HONG KONG-Chinese property developers are moving forward on initial public offerings with the hopes of raising billions to rescue struggling investments. According to a Wall Street Journal article, Glorious Property Holdings Ltd. Is trying to win the Hong Kong stock exchange’s listing committee’s approval today; and it’s not the only company looking to cash in.

Glorious Property Holdings could begin premarketing shares as early as next week. The company hopes to raise up to $1.5 billion through the offering and be listed on the stock exchange by the end of the month. Glorious Property Holdings is backed by D.E. Shaw & Co. and Goldman Sachs Group Inc. The IPO is being underwritten by UBS, JP Morgan Chase & Co. an Deutsche Bank.

Additionally, Evergrande Real Estate Group, Longfor Group and Excellence Group have all filed applications with the Hong Kong stock exchange during 2009. In the Wall Street Journal article Marc Williams, head of equity capital markets for UBS, said he expects to see Chinese companies raise up to $5 billion here by the end of the year as a result of IPOs.

To read the full Wall Street Journal article click here.

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