HONG KONG, Aug 1 (Reuters) - Shares of debt-laden Chinese property giant Country Garden (2007.HK) fell on Tuesday after it scrapped a share placement to raise $300 million, citing "internal considerations" though bookrunners said the sale was fully covered.
Shares and bonds in Country Garden have come under pressure recently due to liquidity concerns, and investors were worried about further contagion in a sector that has already seen many firms default.
Country Garden did not immediately respond to a request for comment.
At 0220 GMT, shares of Country Garden were down 3.8% to HK$1.52, narrowing losses from 10.8% in early trading.
Country Garden had nearly $4.9 billion of bond payments to make over the next 6 months, JP Morgan analysts said in a report last week.
Persons:
bookrunners, JP Morgan, Morgan, Clare Jim, Scott Murdoch, Summer, Jacqueline Wong, Kim Coghill, Simon Cameron, Moore
Organizations:
HK, Mainland Properties, Reuters, Thomson
Locations:
HONG KONG, HK, Hang