[photopress:property_evergrande_1.jpg,full,alignright]Guangzhou-based property developer Evergrande Real Estate Group Ltd (3333.HK) has scrapped its initial public offering (IPO) in Hong Kong due to the slumping market, according to an unidentified market source.
Evergrande had offered 2.96 billion shares at HK$3.5-5.6 each in the IPO, raising HK$10.36-16.58 million for the purpose of expanding its business.
The listing was originally planned for March 28.
The company had already extended its retail subscription period by one day earlier this week to give investors more time to consider the offer.
Source: Forbes