皇冠体育app

Soho 皇冠体育app Ltd, the Beijing developer that raised $1.9 billion in an initial offering in Hong Kong in October, probably won't sell shares in 皇冠体育app in 2008 after the local benchmark dropped 17 percent this year.

"I think we have to wait for the market to be viable" before selling shares in 皇冠体育app, Chief Executive Officer Zhang Xin, who co-founded Soho 皇冠体育app with her husband Pan Shiyi in 1995, said in an interview. Soho 皇冠体育app has dropped 38 percent this year in Hong Kong, valuing the company at HK$26 billion ($3.3 billion).

Selling local-currency shares would make it easier for Soho 皇冠体育app, the biggest developer in Beijing's central business district, to finance new projects, Zhang said. Builders in 皇冠体育app's capital face rising costs as economic growth that averaged 10.3 percent in the last 15 years pushes up land prices.

"The market is still in a correction mood," said Francis Lun, general manager at Fulbright Securities in Hong Kong. "It's negative for Soho 皇冠体育app because they need money to buy more land. The growth of profits is limited without buying more land."

Soho 皇冠体育app fell 1.4 percent to HK$4.91 at noon in Hong Kong. The stock has dropped 39 percent this year, compared with a 19 percent decline in the benchmark Hang Seng Index.

Soho 皇冠体育app on March 9 said 2007 profit jumped almost sixfold to 1.97 billion yuan ($277 million), helped by increased demand for properties.

Zhang said December 3 that Soho 皇冠体育app might seek to sell shares in 皇冠体育app this year. Since then, the CSI 300 index of 300 Chinese stocks has declined 7.3 percent to a seven-month low.

The company's focus on commercial development limits the effects on Soho 皇冠体育app of government measures to curb residential prices, Zhang said.

"Growth of 500 percent is unsustainable, but I can see we're continue to be positive on 2008 because our projects are such centrally located projects," Zhang said. "There simply are no competitors when we sell."