Swire Properties yesterday decided to scrap its initial public offering in Hong Kong as global equity markets continued to fall. The IPO had been set to raise between $2.4 billion and $2.7 billion, which would have made it the largest listing in Hong Kong since China Pacific Insurance's $3.6 billion listing in December last year.
The decision came on the final day of the bookbuild and followed a fourth straight day of losses on the Hang Seng Index, which has been partly led by the property developers. The Hang Seng property index, which tracks the performance of seven Hong Kong-based developers, including Cheung Kong Holdings and Sun Hung Kai Properties, has fallen 6.4% since the...
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