Longfor placement

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.
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Longfor chairwoman Wu Yajun </div>
<div style="text-align:left;"> Longfor chairwoman Wu Yajun </div>

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.

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