Aug 25, 2009 04:06 PM

New Opportunities for IPOs Attract Property Developers

By staff reporters Zhang Yingguang and Wang Zhen

( Magazine) "I would not have offered such a high price had it not been for the sake of getting listed. I was crazy at that time," Zou Xichang, board chairman of Changsheng China Property Company Limited (Changsheng) told during an interview August 6.

Zou's "high" offer refers to his land purchase for Zhongshan Plaza in Guangdong Province, which can also be interpreted as the costs of a futile IPO attempt.
　
The first property developer failing in an IPO in 2008, Zou had not repaid all the related debt until two months ago. He was forced to lease out a 60,000 square meter shopping mall located in downtown Guangzhou, for 14 years.