Country Garden scraps Shanghai spin-off amid tighter IPO scrutiny
Shanghai
COUNTRY Garden Holdings Co, a developer whose share price has almost tripled this year, scrapped a planned spin-off of a unit on Shanghai's stock exchange amid China's tightened scrutiny of initial public offerings (IPOs).
The planned listing of Guangdong Country Garden Property Services Co was cancelled because of a recent change in policies by the Chinese authorities, the developer said in a filing to Hong Kong's exchange late on Monday.
