By Anniek Bao


China Vanke Co.'s property-management arm has filed for an initial public offering in Hong Kong to raise funds to expand its business in first- and second-tier cities.

Onewo Space-Tech Service Co. said in a filing to the Hong Kong exchange Friday that it plans to use the proceeds to extend its businesses to more property projects in first-tier cities and to invest in or acquire companies in the industry supply chain.

The company didn't specify a timeline for the offering nor the amount it seeks to raise.

Onewo's biggest shareholder is China Vanke, which holds a 63% stake. The Chinese property developer approved a spinoff of the service arm in November.

Founded in 1990, Onewo offers community services such as home sales and rental brokerage as well as home decoration and furnishing services for property owners and residents. It also provides property and facility management services for developers, governments and other institutional clients.

As of December, the company had a gross floor area of 660.4 million square meters under management in Hong Kong and China.

The property-management unit posted a 13% rise in profit to 1.71 billion yuan ($269.7 million) last year, while revenue rose 31% to CNY23.7 billion, it said in the filing. China Vanke is its largest customer.

Citic Securities, Citigroup Global Markets Asia and Goldman Sachs are acting as joint sponsors on the deal.


Write to Anniek Bao at anniek.bao@wsj.com


(END) Dow Jones Newswires

04-01-22 0058ET