Unitech Ltd., Indias second-biggest property firm, scrapped plans for a $600 million sale of shares in a real estate investment trust in Singapore, joining rival DLF Ltd. in shunning equity markets after stocks plummeted.
The Gurgaon-based developer will seek $300 million from private equity firms to build hotels and shopping malls in India this year, Managing Director Sanjay Chandra said by telephone today. He didnt say when the initial share sale will be revived.
Chandra aims to win funds from private equity firms after share sales by rivals such as Emaar MGF Land Pvt. failed to attract investors following the global credit contraction. Indias benchmark Realty Index shed 54 percent this year as interest rates at a six-year high and property prices that have doubled deterred new buyers.
More : bloomberg.com
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