Its shares surged by as much as 37.1 percent on its first trading day before closing at HK$4.70.

Evergrande chairman Hui Ka-yan is set to become the mainland's richest man as his wealth hit HK$47.95 billion based on the value of his 10.2 billion shares.

Hui's fortune will surpass that of Wang Chuanfu, the chairman of BYD (1211), who was ranked by Forbes yesterday as the richest man in the mainland with US$5.8 billion (HK$45.24 billion).

Turnover in Evergrande shares was HK$4.95 billion accounting for 8.1 percent of the main board's total in the morning session.

Investors posted a paper gain of HK$1,200 per board lot of 1,000 shares as the Guangzhou-based developer closed 34.3 percent higher than its offer price of HK$3.50.

"We begin development immediately after a project is approved," said Hui. It was rare for a developer to keep land idle, he added.

Evergrande has the largest land bank in China, amounting to 50 million square meters. It reported contracted home sales of 23.1 billion yuan for the first nine months.

Henry Cheng Kar-shun, managing director of New World Development (0017), said his cornerstone investment in Evergrande is long term, and he did not rule out joint developments.

Longfor Properties, a Chongqing- based developer, kicks off its initial public offering today, seeking to raise up to HK$7.1 billion. It is offering 1 billion shares between HK$6.06 and HK$7.10.

Longfor's international placement was five times oversubscribed, with more than 70 institutions handing over US$4.9 billion.

Greens Holdings (1318), which lists today, jumped as much as 26.54 percent to HK$2.05 in the gray market, according to Phillip Securities.

CPMC, the largest metal packaging firm in China, closed its retail book yesterday. Market insiders said its IPO is over 270 times oversubscribed, locking up over HK$29.2 billion.

Shenzhen developer Kaisa Group, Australian resource firm Resourcehouse and water power firm China Longyuan Power had listing hearings yesterday, seeking to raise a total HK$35 billion by the end of this year.

Fantasia Group, meanwhile, attracted six cornerstone investors who subscribed for HK$500 million worth of shares. The developer is set to list on November 25.