China Vanke’s Assets-Management Arm Plans Hong Kong IPO

By Anniek Bao

China Vanke Co.’s home-administration arm has filed for an initial community featuring in Hong Kong to elevate cash to extend its small business in 1st- and next-tier metropolitan areas.

Onewo Room-Tech Support Co. stated in a filing to the Hong Kong exchange Friday that it plans to use the proceeds to prolong its corporations to more assets jobs in very first-tier metropolitan areas and to devote in or purchase corporations in the business offer chain.

The organization didn’t specify a timeline for the providing nor the quantity it seeks to elevate.

Onewo’s most significant shareholder is China Vanke, which retains a 63% stake. The Chinese home developer accredited a spinoff of the company arm in November.

Established in 1990, Onewo presents community products and services these kinds of as dwelling income and rental brokerage as nicely as house decoration and furnishing companies for property proprietors and people. It also delivers property and facility management products and services for developers, governments and other institutional purchasers.

As of December, the firm experienced a gross floor spot of 660.4 million square meters under administration in Hong Kong and China.

The residence-administration device posted a 13% increase in revenue to 1.71 billion yuan ($269.7 million) past calendar year, while revenue rose 31% to CNY23.7 billion, it said in the submitting. China Vanke is its major consumer.

Citic Securities, Citigroup World wide Marketplaces Asia and Goldman Sachs are performing as joint sponsors on the deal.

Compose to Anniek Bao at [email protected]