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Shui Calls Off $1B Hong Kong IPO

HONG KONG-Shui on Land has become the latest company to shelve plans for an IPO on the Hong Kong Stock Exchange. In the last month Henderson Land and Sun Hung Kai did likewise.

By Anita Howarth | Updated on June 15, 2006

HONG KONG-Shui on Land has called off its HK$8-billion ($1-billion) IPO on the Hong Kong stock exchange. A statement by the Chinese property flagship of Hong Kong tycoon Vincent Lo says it would postpone its $1-billion offering because of poor market conditions. Uncertainty now surrounds the planned IPOs of Shimao, one of Shanghai’s largest real estate companies, which on Wednesday launched a roadshow for a $652-million initial public offering in July. Doubts also remain about Greentown China Holdings, a private property developer that hopes to raise as much as $600 million in Hong Kong stock by September.

In a statement to the Hong Kong Stock Exchange, Shui On Land said: “In light of deterioration in market conditions, the company and the joint global coordinators have decided to postpone the global offering. …The company looks forward to re-launching the offering at the earliest suitable opportunity.”

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