The securities regulator will not allow China State Construction Engineering Corp, the country's biggest home builder, to proceed with plans for a large initial public offering in the near future given the weak market conditions, the Shanghai Securities News reported.

A China Securities Regulatory Commission official denied rumours that the listing - which at US$6 billion would be the country's biggest this year - would soon go ahead.

The regulator approved China State Construction's share offer application in early June but has since put the process on hold, as the market tumbled amid an economic slowdown and worries about a heavy supply of new equity from share issues and reforms of state shareholdings.

South China Morning Post