Model of Forest City, developed by China's Country Garden in Malaysia. Photo: Johan Nylander

One of China’s major property developers, Country Garden, announced it plans to list its business on the Hong Kong Stock Exchange, The Paper reported.

The company said it proposes to spin-off and list its Country Garden Service Holdings Co. Ltd., on the main board in Hong Kong independently. The spin-off part is mainly engaged in the provision of property management and related services.

Previously in 2016, the group’s property management service business applied for an A-share listing in the name of Guangdong Country Garden Property Service Co. Ltd.

They withdrew the application later in 2017, claiming that there were policy changes in the reviewing process.

Though the company republished an announcement three days later, they later claimed to have given up the IPO application because of an adjustment to their business strategy.

The actual controller of Country Garden Property is China’s richest woman, Yang Huijuan, holding 52.94% of the shares. Her father, the former richest man, Yang Guoqiang, holds 0.207% of the stakes.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.