HONG KONG, Sept 18 (Reuters) - Chinese state-owned developer Beijing Capital Land has scrapped its A-share offering plan, after waiting over two years for approval in an IPO market that sees restricted liquidity into the property sector.
The Hong Kong-listed company cited business development needs as the reason for withdrawing the IPO application, without elaborating.
The withdrawal is not expected to have any material adverse effect on the financial position or operations, the company said late on Monday.
The developer announced its latest A-share offering plan in March 2016 as a way to establish new financing platform.
China Securities Regulatory Commission has not approved any listing application by property developers since the IPO market reopened in 2015, as it tries to limit liquidity in the sector as part of its tightening policy.
Currently, developers Guangzhou R&F Properties and Dalian Wanda Commercial Management are still in the queue to get approval to list in China. (Reporting by Clare Jim; Editing by Amrutha Gayathri)