Sunac scraps IPO, while Shengli Oil & Gas raises $204 million

The property developer blames market conditions for the withdrawal of its IPO, which had been due to price last Friday.

Yet another Chinese developer has chosen to cancel its initial public offering, providing further proof that investors are getting choosy. Sunac China Holdings, which was aiming to raise up to HK$2.22 billion $286 million, said in a brief announcement yesterday that in view of the current market conditions and with the investors' best interests in mind it had decided not to proceed with the global offering under the original timetable.

The company offered no explanation of why...

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