Swire Properties Ltd., landlord to Time Warner Inc. and Societe Generale SA in Hong Kong, delayed a plan to raise as much as HK$20.8bn ($2.7bn) in an initial share sale, said two people briefed on the matter.

The company decided to pull the IPO after a stock market rout sparked concern about how the shares would perform after listing, one of people said, declining to be identified because the matter is private.

Swire Properties, the biggest commercial landlord in eastern Hong Kong island, shelved the sale after the Hang Seng Property Index fell for three straight weeks, the longest-losing streak since January. Government measures to increase supply and clamp down on marketing tactics of residential real estate also hurt demand for Swire Properties, Credit Suisse Group AG analyst Cusson Leung said.