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Homeplus' 1.7 trillion-won REIT IPO in South Korea canceled

Homeplus Co. Ltd. withdrew its plan to list a real estate investment trust in South Korea due to lackluster demand from offshore investors, Reuters reported.

The South Korean hypermarket chain filed for the IPO in February and said that it was expecting to raise up to 1.7 trillion won from the float.

The Homeplus REIT was expected to be valued at 2.5 trillion won, maximum, and be listed March 29.

As of March 13, US$1 was equivalent to 1,130.75 South Korean won.