Market rebound may be too late for Evergrande
The property developer is finding it tough to lure investors to its IPO as sector peers tumble by up to 30%.
The slight rebound in the Hong Kong stockmarket yesterday, better-than-expected earnings from two major investment banks and a three-quarter point rate cut in the US overnight is likely to have come too late to rescue the latest Hong Kong initial public offering.
Evergrande Real Estate Group, which is in the market with a $1.3 billion to $2.1 billion offering, has been struggling to attract enough investors as sentiment for Chinese property stocks remains poor amid concerns of more cool-down measures...
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