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HONG KONG-The government here has cancelled the $2.7-billioninitial public offering for Link REIT, which would have privatized180 retail malls and car parks on public housing estates through aquoted REIT. Secretary for Housing, Planning & Lands MichaelSuen told reporters last night that the Housing Authority willre-launch the IPO after all the legal impediments are cleared.Theprincipal legal impediment is an unresolved legal challenge to theoffering by public housing tenant Lo Siu Lang, who has alreadyfailed in an initial challenge against the Link REIT and asubsequent appeal. Last week, Hong Kong's Court of Final Appealrefused to curtail the 28-day time limit for the tenant's finalappeal to be lodged against the REIT. The Housing Authority hadsaid that if the CFA did not force Lo to make any final legalchallenge by today it would scrap the IPO. The IPO attracted arecord HK$280 billion ($35.9 billion) worth of share orders from510,000 Hong Kong retail investors. Many investors reportedlyalready have taken out loans to subscribe to the REIT. If the REITis revived, Suen says the Housing Authority will start with a newprospectus and subscription.