Tian Yuan puts off its $450m Hong Kong IPO

HONG KONG - Chinese iron ore producer China Tian Yuan Mining Ltd postponed its $450 million Hong Kong initial public offering (IPO) on Friday, a day after Swire Pacific called off its planned $2.7 billion property IPO due to global market turmoil.

Major stock markets around Asia fell as much as 3 percent on Friday as mounting fears over Europe's debt crisis sparked a global market rout that sent safe-haven assets soaring.

The tough market conditions dampened the Hong Kong debut of French skincare products retailer L'Occitane International SA, which fell as much as 8.5 percent in morning trade.