China Aoyuan Property Group Ltd. is planning to spin off and then list its property management business in China that is focused on mid- to high-end residential and mixed-use properties.

The real estate company said the restructuring will allow it to have a more defined business focus.

Aoyuan Healthy Life Group Co. Ltd. will be spun off through the planned IPO, the application for which was submitted to the Hong Kong stock exchange Aug. 31. The spinoff is also subject to the approval of China Aoyuan shareholders.

If the listing is successful, China Aoyuan will retain a shareholding in the business of at least 50%, down from 75.5% as of Aug. 31.