Clive Palmer’s development giant Resourcehouse has pulled out of the company’s planned Hong Kong float for a fourth time, citing poor market conditions as investors stay wary of company’s international prospects.

 

The collapse of the planned initial public offering will cast doubts over the company’s planned China First coal and iron ore projects which were to be bankrolled by the funds raised by the float, although Mr Palmer has allegedly raised $1.5 billion from Chinese banks to support the Queensland and Western Australian developments.

 

The IPO would have seen Mr Palmer raise an estimated $3.37 billion, while maintaining a 53% stake in the company, a proposal that caused agitation amongst local investors as a large percentage of royalties were to flow into Mr Palmer’s private business holdings.