By P.R. Venkat

A unit of China Evergrande Group is planning to raise up to 15.81 billion Hong Kong dollars ($2.04 billion) through an initial public offering in Hong Kong, the latest Chinese firm to tap the city's hot equities-fund raising market.

Evergrande Property Services Group aims to sell a total of 1.62 billion shares in a price range of HK$8.40-HK$9.75 per share, China Evergrande said Monday.

The company expects to finalize the IPO price on Nov. 26 and the shares to start trading on Dec. 2.

UBS and Huatai International are among the banks that are advising on the offering.

Evergrande Property Services intends to use the IPO proceeds for acquisitions and business expansion.

The company is tapping the Hong Kong market during a period of heightened activity in the financial hub, with the city attracting Chinese companies involved in businesses ranging from pharmaceuticals to property and tobacco.

Evergrande Property Services and its subsidiaries provide property management services in China.

China Evergrande has a nearly 72% stake in Evergrande Property Services and post the IPO, its stake will fall to 59.04%.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-22-20 1831ET