BY ANDREW PEAPLE

To lose one initial public offering in a week might be a misfortune. To lose four may be a sign of real problems in the market.

Certainly, that's the worry in Asia after Swire Properties pulled its planned $3.1 billion flotation Thursday, due to lack of demand. It was Hong Kong's second failed listing this week, after Giti Tires postponed its $500 million float on Tuesday. Singapore and Bombay have also seen failed IPOs this week. ...