UPDATE 3-China's SYSWIN falls in NYSE debut

* SYSWIN shares fall 5.3 pct to $6.63 in mid-afternoon

* Trading on NYSE under symbol "SYSW"

* Anacor Pharmaceuticals shares flat with $5 IPO price

* Trading on Nasdaq under symbol "ANAC" (Adds details on Anacor Pharmaceuticals IPO, updates shares)

By Clare Baldwin

NEW YORK, Nov 24 (Reuters) - Shares of real estate consultant SYSWIN Inc opened flat with their initial public offering price on Wednesday, then fell as investors reversed course on a risky bet on China's red hot property sector.

SYSWIN's shares opened at $7. They rose as high as $7.15 in early trading before reversing course to trade at $6.63 on the New York Stock Exchange.

Ben Holmes, an IPO analyst and founder of research house Morningnotes.com, noted that shares of another recent Chinese real estate IPO, IFM Investments Ltd have been cut nearly in half since they began trading on the New York Stock Exchange in January.

SYSWIN sells real estate services in 17 Chinese cities including Beijing Tianjin, Qingdao and Jinan.

China's property sector, buoyed by economic growth and increased levels of disposable income, is widely viewed as a potential bubble and the state has taken efforts to cool it, including limiting foreign purchases, raising interest rates and increasing mortgage down payments. [ID:nTOE6AI05T]

SYSWIN changed the proposed size of its offering three times leading up to its IPO. The company first filed to raise up to $100 million, raised that amount to $123 million, then delayed its pricing by a day and cut the proposed value of its IPO by 41.5 percent.

The Beijing-based company on Tuesday sold 9.6 million American Depositary Shares for $7 each, raising about $67.2 million.

SYSWIN's revenue in the first nine months of the year rose 53 percent to 431.8 million yuan, compared with last year's corresponding period. Net income rose 46 percent to 132.7 million yuan in the same period.

SYSWIN's clients include Chinese developers China Vanke, Longfor Properties, Sino-Ocean Land Holdings, Guangzhou R&F Properties and Gemdale Group. More than 70 percent of SYSWIN's revenue in each of the past three full years has come from five clients.

Underwriters on the SYSWIN IPO were led by Morgan Stanley. The shares are trading on the New York Stock Exchange under the symbol "SYSW."

Separately, shares of Anacor Pharmaceuticals Inc were flat with their $5 IPO price in early afternoon trading on the Nasdaq.

The company, which is developing treatments for certain skin diseases and infections caused by Gram-negative bacteria, raised $60 million in its IPO by selling 12 million shares for $5 each.

Underwriters on the Anacor Pharmaceuticals IPO were led by Citi and Deutsche Bank Securities. The shares are trading on the Nasdaq under the symbol "ANAC." (Reporting by Clare Baldwin, editing by Gerald E. McCormick and Derek Caney)