India, China offer plum deals
Developers in China and India are offering sweeter deals to foreign investors as they struggle to raise funds through IPOs, according to Citi Property Investors. Initial public offerings by Indian and Chinese property firms have been hugely popular in the last couple of years, but have suffered recently as stock markets slid and the global credit crunch put property securities out of favour.
The turning point came in January, when Chinese developer Evergrande and India’s Emaar MGF Land failed to sell their IPOs. Since then, several developers have postponed planned listings. Faced with a clampdown on bank loans, Chinese and Indian property firms are looking to bring in investors, and have had to accept lower valuations for their land, projects and themselves.
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