Shui On Group chairman Vincent Lo Hong-sui yesterday unveiled plans to revive the shelved initial public offering for its mainland property flagship after the company posted falling profits at its construction arm.
The property tycoon said the group planned to bring Shui On Land, which put its US$1 billion offering on hold last month due to poor market conditions, to market again by the end of the year.
He said the company was considering whether to inject more new development projects into the listing candidate to boost its appeal.
'We have never stopped our preparations for the listing,' Mr Lo said.
'We're aiming to go to market again by the end of this year if market conditions improve. We just don't want to sell it too cheaply.'
Shui On Land's last offering included six of its projects with a total gross floor area of 6.8 million square metres under various stages of development in Shanghai, Hangzhou, Chongqing and Wuhan.
Mr Lo declined to identify the new projects to be injected into the offering, adding he did not think it had missed the best listing window, having failed to list at a time when its rivals were making their debuts.
