Renhe Commercial Holdings, which develops underground shopping centres on the mainland, has decided to put off its HK$5.13 billion initial public offering for at least a week to avoid current market volatility, sources said. The institutional offering was closed yesterday and formal trading in the shares was originally planned for October 15. However, the company applied for a new timetable at the last minute to the Hong Kong stock exchange yesterday afternoon, sources said. The sources said the deal barely received enough orders while the retail offering, which represented 10 per cent of the share offering, was undersubscribed. The response was weaker than expected because of the slump in global markets, they said. In the first 10 months of the year, 13 new companies halted their Hong Kong listing. Renhe, which owns four standalone underground shopping centres, is offering 3 billion shares at between HK$1.40 and HK$1.71 each, allowing it to raise between HK$4.2 billion and HK$5.13 billion. The asset value of Renhe is about 53 billion yuan (HK$60.34 billion). The company is selling shares at a discount to net asset value of 36 to 48 per cent.