Excellence Real Estate shelves HK IPO plan
Published: 28 Oct 2009 20:06:18 PST
Oct. 29, 2009 (China Knowledge) - Shenzhen-based Excellence Real Estate Group Ltd will shelve its Hong Kong listing plan due to the weak investor demand, sources reported. The property developer said in a filing with the Hong Kong Stock Exchange that it would not proceed with the initial public offering in view of the current market conditions for IPOs. The company will review when to resume the IPO and release a statement on that later. According to the original plan, Excellence Real Estate will issue 3 billion shares priced at the range between HK$2.1 and HK$2.6 per share. Morgan Stanley and UBS AG were the underwriters for the deal. Earlier this month, another two mainland property companies, namely Glorious Property Holdings Ltd and Powerlong Real Estate Holdings Ltd, raised US$1.27 billion and US$285 million respectively from their IPOs in Hong Kong. Copyright © 2009 www.chinaknowledge.com |
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