Longfor calls off placement amid falling markets

With the Hong Kong stockmarket down 1.7% on Monday and European markets showing some serious weakness amid renewed concerns that the Greek debt situation will spread to other countries, the launch of a placement shortly after 7pm local time did seem ambitious. And the fact that it came at a tight discount made the challenge even bigger.

But Longfor Properties did just that. According to investors, HSBC and Morgan Stanley launched a top-up placement in the Chinese nationwide developer with a strong base in Chengdu and Beijing, at a 3% to 6% discount to Monday’s close for a total deal size ranging from HK$3.87 billion to HK$3.99 billion...