Powerlong Real Estate reduces IPO to $355 million

The Chinese real estate company prices its IPO 17% below the original range and gives retail investors a chance to cancel their orders.

Powerlong Real Estate Holdings on Friday changed its initial public offering into a fixed-price deal and set the new price 17% below the original range. This means it will raise 44% less money than the maximum it was seeking earlier. According to a source, the commercial and residential property developer will give retail investors a chance to cancel their orders in light of this new development.

The company made the move at the end of a week that...

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