Chinese property developer Neo-China Group Holdings Ltd. raised US$90 million in a share sale after slashing the size of its deal and pricing it below its indicated range amid a falling stock market.

The company, which had hoped to raise up to US$142.5 million, sold 620 million new shares -- or 35 percent fewer than it had earlier sought to sell -- at HK$1.132 each.

Shares in Neo-China, which joins a spree of Chinese property companies raising funds through stock and bond sales, have been suspended.