HONG KONG: Chinese property developer Evergrande Real Estate Group Ltd scrapped its plan to raise up to US$2.1bil in a Hong Kong IPO after failing to generate sufficient investor interest, sources said, adding further gloom to the market for capital raising.
Several sources close to the deal have said in recent days that Evergrande was having a hard time drumming up orders for shares as Chinese property stock prices have tumbled, and the deal’s withdrawal has been widely expected.
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