chinese-estates-scraps-topup-placement

Chinese Estates scraps top-up placement

The Hong Kong property developer pulls its $200 million deal claiming to be dissatisfied with the final price.

Hong Kong property developer Chinese Estates Holdings, which was in the market on Thursday trying to raise at least $200 million from a top-up placement, decided in the early hours of Friday morning not to proceed with the transaction. Sources say the deal was pulled even though there were enough orders in the book to cover the base size within the price range that the company had agreed to before the sale.

One source said the offering had attracted both good quality long-only investors and hedge funds and that a lack of demand was not the reason for the cancellation. The company confirmed this in a statement to the Hong Kong stock exchange late Friday,...

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