Glorious Property Holdings
| Company type | Public |
|---|---|
| Industry | Real estate development |
| Founded | 1996 |
| Founder | Zhang Zhi Rong |
| Headquarters | Shanghai , China |
Area served | China |
Key people | Zhang Zhi Rong (Founder and Chairman) |
| Products | Property development |
Glorious Property Holdings Limited () () is a property development firm headquartered in Shanghai, established in 1996. The company possesses a land reserve totaling 13.6 million square meters situated in key urban areas such as Shanghai, Beijing, and Tianjin.
Formed as a Cayman Islands entity in 2007, Glorious Property specializes in developing real estate within China. Prominent developments include the Sunshine Holiday project in Tianjin and Shanghai Bay located along the Huangpu River. Its first venture was the Sunshine Greenland hotel in Shanghai.
By July 2009, Glorious Property had commenced work on 19 developments, with seven situated in Shanghai, maintaining a land bank close to 13.6 million square meters.
The founder and chairman, Zhang Zhi Rong, brings over thirteen years of industry expertise, with prior experience spanning construction materials trading and subcontracting services.
IPO
In September 2009, Glorious Property announced plans for an initial public offering on the Hong Kong Stock Exchange, aiming to raise approximately US$1.53 billion with a targeted listing date of October 2. The offering included 2.25 billion shares priced between HK$4 and HK$5.30 (equivalent to 52–68 U.S. cents), reflecting a forward price-to-book ratio ranging from 9.5 to 12.4 times. The company reserved the right to increase the share sale by 15%, potentially elevating proceeds to US$1.76 billion. Four cornerstone investors pledged US$130 million collectively, including Sino-Ocean Land Holdings Ltd., Shanghai Industrial Holdings Ltd., China Southern Fund Management Co., and a private enterprise affiliated with Hong Kong’s Nam Fung Group.
Affiliates and SEC Action
Zhang also holds control over Well Advantage Ltd., which maintains a strategic partnership with Chinese energy conglomerate CNOOC. In July 2012, these associated entities attracted scrutiny when the U.S. Securities and Exchange Commission secured a court injunction freezing assets related to insider trading that generated $13 million in profits from Nexen Energy shares following CNOOC’s acquisition offer.
In addition, Zhang co-established China Rongsheng Heavy Industries Group in 2005, recognized as China’s largest privately owned shipbuilding company by order volume in 2012. Rongsheng Heavy entered into a strategic collaboration with CNOOC in 2010 and delivered a deepwater pipe-laying vessel the following year. While Zhang was ranked 22nd on Forbes China’s wealth list with an estimated net worth of $2.6 billion in 2011, he was not personally implicated in the SEC investigation.
Resolutions with the SEC included Well Advantage remitting over $14.2 million in October 2012, followed by further settlements exceeding $3.8 million from related parties through May 2013, thereby settling insider trading allegations without direct involvement of Zhang.