Mainland property developer Shui On Land may slash the size of its initial public offering relaunch by 25% to about US$775 million, The Standard of Hong Kong reported, citing sources familiar with the situation. The company shelved a planned US$1.02 billion IPO in mid-June, citing poor market conditions after the Hang Seng Index dropped 12% to June 14 from a 52-week high on May 8. The source told the newspaper the IPO could be relaunched as early as next month at about US$0.72, or the upper end of the indicative price range. A Shui On Construction & Materials spokesperson confirmed the company had resubmitted the IPO application for Shui On Land, of which it owns 29.3%, but declined to comment on the timetable and other details.