Charter Hall pulls IPO on expected listing date

Sydney

A projected A$1.12 billion (S$1.19 billion) Australian property trust listing was priced too high to attract big investors, fund managers said on Wednesday, as confidence drains out of a sector that Australia's central bank has warned faces a supply glut.

Parent company Charter Hall Group said it abandoned the initial public offering because of a lack of institutional support. The move comes less than a week after the Reserve Bank of Australia said a booming supply of new apartments could raise risks for banks lending to the sector.