Soho China Ltd, the Beijing developer that raised $1.9 billion in an initial offering in Hong Kong in October, probably won't sell shares in China in 2008 after the local benchmark dropped 17 percent this year.

"I think we have to wait for the market to be viable" before selling shares in China, Chief Executive Officer Zhang Xin, who co-founded Soho China with her husband Pan Shiyi in 1995, said in an interview. Soho China has dropped 38 percent this year in Hong Kong, valuing the company at HK$26 billion ($3.3 billion).

Selling local-currency shares would make it easier for Soho China, the biggest developer in Beijing's central business district, to finance new projects, Zhang said. Builders in China's capital face rising costs as economic growth that averaged 10.3 percent in the last 15 years pushes up land prices.

"The market is still in a correction mood," said Francis Lun, general manager at Fulbright Securities in Hong Kong. "It's negative for Soho China because they need money to buy more land. The growth of profits is limited without buying more land."

Soho China fell 1.4 percent to HK$4.91 at noon in Hong Kong. The stock has dropped 39 percent this year, compared with a 19 percent decline in the benchmark Hang Seng Index.

Soho China on March 9 said 2007 profit jumped almost sixfold to 1.97 billion yuan ($277 million), helped by increased demand for properties.

Zhang said December 3 that Soho China might seek to sell shares in China this year. Since then, the CSI 300 index of 300 Chinese stocks has declined 7.3 percent to a seven-month low.

The company's focus on commercial development limits the effects on Soho China of government measures to curb residential prices, Zhang said.

"Growth of 500 percent is unsustainable, but I can see we're continue to be positive on 2008 because our projects are such centrally located projects," Zhang said. "There simply are no competitors when we sell."