China Resources Longdation, a property arm of state-owned conglomerate China Resources, plans to raise between $500 million and $1 billion in a Hong Kong initial public offering, according to three sources with direct knowledge of the matter.
The company has appointed China International Capital Corporation (CICC), Citigroup C.N and JPMorgan JPM.N to work on the real estate investment trust (REIT) share sale, the sources added.
The sources declined to be named because the information was confidential. China Resources did not immediately respond to a request for comment.
Citigroup and JPMorgan declined to comment, while CICC did not respond to a request for comment.
China Resources Longdation, was previously known as China Resources Property, is considering holding the IPO in 2024 or 2025, two of the sources said.
The prospect of higher interest rates for longer as inflation remains elevated in many parts of the world has battered REITs trading in major markets.
IFR first reported China Resources Longdation’s Hong Kong IPO plans on Thursday.
Reuters