China Communications Construction Co Ltd , the state-controlled builder, has delayed a plan to raise up to 20 billion yuan ($3 billion) via a Shanghai listing, Bloomberg reported on Friday.
China Communications Construction originally aimed to launch the IPO in July or August, Chairman Zhou Jichang was quoted by the news agency as saying.
The Chinese company, already listed in Hong Kong, still hopes to complete the Shanghai listing this year, Zhou was quoted as saying.
A company spokeswoman confirmed Zhou's remarks when contacted by Reuters.
China Communications Construction aimed to issue up to 3.5 billion A-shares in Shanghai, with part of the proceeds used to fund a 1.94 billion yuan takeover of an infrastructure firm, the company said in December.
It already holds a 61.4 percent stake in CRBC International , a builder of roads and bridges. ($1 = 6.466 yuan)
The society drew intense criticism and was the subject of speculation about the possible abuse of donations following a scandal in which a 20-year-old woman named Guo Meimei claimed online that she was the general manager of a company called Red Cross Commerce. In her online postings, Guo boasted of a luxurious lifestyle and posted photos of high-end cars and palatial homes.
During the public relations nightmare that followed, the National Audit Office issued a report in which it listed what it said were the charity's five financial problems. They included overspending and the improper allocation of funds.
To address the problems, agencies and organizations nationwide beneath the Red Cross umbrella convened on Wednesday with the goal of finding ways to restore public confidence and boost transparency.
Hua Jianmin, president of the society, said: "Honesty and uprightness should be the lifeblood of our humanitarian organizations and we should establish credibility through rigorous regulations and strict discipline."
Wang Wei, the charity's vice-president, urged local branches to strengthen their routine supervision.
The Red Cross also said on Thursday it will better manage donated money and make public related bidding, outsourcing and procurement.
On Monday, the society opened its official micro blog on Sina Weibo, a Chinese equivalent of Twitter. It hopes the site will help it improve its interaction with netizens.
As of 4:30 pm on Tuesday, the online micro blog postings from the charity were being forwarded by more than 25,600 Sina micro-bloggers and more than 61,800 followers had posted comments.
Many of the comments were negative and contained harsh criticism of the society and some even requested the return of their donations, according to a report by the Guangzhou-based Southern Metropolis Daily.
In response, Wang told the paper the society fully understands how people feel, but he said it was not feasible to return donations.
He also said the charity will address its problems and learn lessons from the scandal, including becoming more transparent.
On July 1, the charity said in an online statement that it will invite auditing institutions to check revenues and expenditures of the Red Cross Society for Commerce Sector, a group founded in 2000 by the China General Chamber of Commerce with the approval of the Red Cross Society of China.
The Red Cross Society for Commerce Sector primarily engages in charity fundraising in China's commercial sector and organizes emergency relief efforts. Funds raised by the group are supposed to be channeled directly to the Red Cross Society of China.
China raised the personal tax threshold in late June from 2,000 yuan ($309.4) to 3,500 yuan per month, which will reduce the number of personal income tax payers from 84 million to 24 million.
While, according to the latest property policy, people who wants to buy residential properties in a city where he doesn't have the registered permanent residence has to provide the tax paying certificate.
Beijing realtor company Homelink estimates only less than 10 percent of people who work in Beijing, but come from elsewhere, will be qualified for buying property due to the tax requirements.
The lifted threshold will change a lot of the current property market, Homelink's chief analyst Zhang Yue said. About 70 percent of Chinese tax payers will see a growth in their income due to the tax law amendment, which will make them easier to buy properties and pay mortgage.
