The transaction ends a six-year listing drought for REITs in Hong Kong, which have increasingly turned to the Singapore Stock Exchange as their primary listing base.
Spring REIT was the last company of its kind to list in Hong Kong when it raised $216 million in 2013, according to Refinitiv data.
China Merchants Commercial told prospective investors last week it planned to issue 750 million units priced between HK$3.42 and HK$4 ($0.44-$0.51) each, which would raise $330 million to $380 million.
The size of the deal was shrunk after potential investors were told the shares would be priced at the lower end of the guidance range.
The sources could not be named because the information has not yet been made public.
A greenshoe option of 5% of units on top of the initial deal could lift the offering size to $343.5 million.
The units will start trading on Dec. 10, according to a termsheet seen by Reuters.
Citigroup led the deal as the sole listing agent and was the joint global co-ordinator alongside China Merchant Securities and DBS.
By Scott Murdoch and Anshuman Daga
