China's Mingfa revises down Hong Kong IPO price

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Reuters Chinese property developer Mingfa Group is revising down the expected price per share of its Hong Kong initial public offering to a range of HK$2.00-2.89 from HK$3.03-3.79, the company said in a statement to the Hong Kong stock exchange on Friday. Based on the originally offered number of shares -- 900 million -- the company would raise up to US$333 million, down from an initial plan of $437 million. Mingfa earlier in October postponed the launch of the IPO because the company's valuation expectations did not match those of investors, according to IFR Asia, a Thomson Reuters service. Bank of America Merrill Lynch and Deutsche Bank are the joint bookrunners for the deal. (US$1=HK$7.8) (Reporting by Kennix Chim and Michael Flaherty in Hong Kong; additional reporting by Megan Davies in New York, editing by Gerald E. McCormick)