Chinese property company Future Land Development Holdings Ltd has raised about $265 million in a Hong Kong initial public offering, pricing the deal at the bottom of its proposed range in the latest sign of the tough fund-raising environment in the city.

Future Land, which focuses on projects in the Yangtze River Delta, China's most populous area which includes cities such as Shanghai, priced the IPO at HK$1.45 (19 US cents) per share, according to a term sheet of the deal seen by Reuters. The stock will start trading on Nov 29.

The company became the second real estate developer to price an IPO in Hong Kong at the bottom of its proposed range in the past week, following CIFI Holdings Group Co Ltd's $215 million offering on Nov 16. CIFI traded down 1.5 percent from the IPO price in mid-morning on Friday in its trading debut.

The tepid response to the two listings contrasts with the 32 percent gain in the Hang Seng Property Index so far in 2012.