India Faces Housing Slowdown

The withdrawal of an IPO by a big property developer in India earlier this month was just the latest sign of the growing difficulties companies world-wide are having tapping capital markets.

But the message for the sizzling Indian real-estate development business was worse: get ready for a slowdown.

Emaar MGF Land Pvt. Ltd. said it pulled its initial public offering of shares because of “prevailing adverse market sentiments, fueled by renewed indications of a U.S. recession and global meltdown.” Emaar MGF is a joint venture between the developers Emaar Properties PJSC of Dubai, United Arab Emirates, and MGF Development Ltd.

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