Longfor calls off placement amid falling markets

The Chinese property developer mandated HSBC and Morgan Stanley to test the market on a best effort basis, but the discount on offer proved far too tight and the company eventually chose not to go ahead with the deal.

Longfor calls off placement amid falling markets
Longfor chairwoman Wu Yajun

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...

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