UK-based mall owner Intu Properties’ hopes that real estate group Link would be an anchor investor in the capital raise it desperately needs to survive were dashed when the Hong Kong-listed company decided not to participate.

The news wiped a third off the market value of Intu, which was formed out of late billionaire Donald Gordon’s Liberty International in 2010. The shares fell 32.8% to R2.15, the lowest level it at which it has closed since listing...

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