Shui Calls Off $1B Hong Kong IPO

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.”