HONG KONG – SZITIC Commercial Property Co Ltd, which sold a stake in two of its malls to U.S. private equity firm Carlyle Group LP in May, plans an up to $1 billion Hong Kong IPO as soon as the fourth quarter of 2013, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The Shenzhen-based shopping mall developer hired JPMorgan and China International Capital Corp (CICC) to handle the initial public offering, the paper said.
The deal could come by the end of the year or in the first quarter of 2014, it added.
SZITIC sold a 49 percent stake in the malls, located in second-tier cities of Hangzhou and Suzhou, to Carlyle for an undisclosed sum.
(Reporting by Elzio Barreto; Editing by Chris Gallagher)