Country Garden Said to Cancel $300 Million Share Placement
- Chinese real estate developer attracted enough orders for sale
- Firm warned of first-half loss due to shrinking gross margin
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Country Garden Holdings Co. canceled a HK$2.34 billion ($300 million) stock offering in the latest setback for one of China’s largest private-sector developers, a person with knowledge of the matter said.
The company attributed the move to unspecified internal considerations, according to the person. The share placement arranged by JPMorgan Chase & Co. had attracted enough investor orders to go forward, the person said, asking not to be identified as the information isn’t public.