Debao Property Development (K2M.SG) tanks on SGX debut, last trading at $0.405, below $0.43 IPO price. Its volume was light for a new listing, at 8.8 million shares.

“I think the fundamentals are not fantastic,“ a trader at a local brokerage told Dow Jones, noting China’s recent measures to cool economy, property market; “today’s play among traders is short Debao and long Cache Logistics.”

Cache Logistics Trust (K2LU.SG), Singapore biggest new listing so far this year, starts trading from 2 p.m. Debao’s IPO 1.17x subscribed vs 7.8x for Cache.

Orderbook quotes tip $0.40–$0.43 trading band for Debao.