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Report: Midea Group founder plans Hong Kong listing for real estate biz

Midea Group Co. Ltd. founder He Xiangjian is planning a Hong Kong IPO for his real estate business, Guangdong Midea Property Co., which owns 103 projects across China, Bloomberg Markets reported, citing "people with knowledge of the matter."

The Chinese property developer, which had approximately 77.6 billion yuan of assets at June-end, has held initial discussions with investment banks regarding a potential listing that could occur in 2018, according to the sources. However, the company has yet to decide on the exact fundraising target or the valuation it will eye in the IPO.

Xiangjian and his daughter-in-law, Lu Deyan, hold a combined 100% stake in Guangdong Midea, whose projects include residential buildings, malls and golf courses across 10 Chinese provinces and 30 cities, the publication reported, citing an interim report.

Bloomberg noted that a Guangdong Midea official said he did not have clarity on the matter, while the company did not immediately respond to an email inquiry.

As of Dec. 7, US$1 was equivalent to about 6.62 Chinese yuan.