(Yicai Global) Aug. 24 -- The commercial property management unit of Chinese real estate giant Dalian Wanda Group recently began procedures to land on Hong Kong’s stock market for a second time after completing a restructuring with local state capital.

According to earlier reports, the company is expected to complete an initial public offering of about USD3 billion this year at the earliest.

The material for review of Wanda Light Asset Commercial Management’s Hong Kong IPO was received on Aug. 20, per the information on the China Securities Regulatory Commission’s website. According to CSRC’s rules, Wanda Light Asset cannot submit any prospectus to the Hong Kong stock exchange until this material is approved.

The Wanda unit was delisted from HKEX less than two years after it first landed on the Hong Kong bourse in 2014 due to its slumping share price. It has since sought a flotation on the Chinese mainland but its application, submitted five years ago, has not been approved yet.

In March, Wanda Group withdrew its application for the commercial real estate management company’s mainland listing. It also announced a restructuring of the company, introducing the State-owned Assets Supervision and Administration Commission of the Zhuhai City government as a shareholder and relocating the unit to Hengqin in Zhuhai, Guangdong Province.

The parent said then the restructured unit will not own property and will instead be fully responsible for the operation and management of its Wanda Plazas, the group’s shopping arcades.

Zhuhai’s state capital spent CNY3 billion (USD463.1 million) to buy into the unit, Wanda Group revealed then, without disclosing the shareholding ratio.

Wanda Light Asset has begun preparations with banks for its Hong Kong IPO, which could raise about USD3 billion, Bloomberg reported in June. The offering could happen as soon as this year, the report added.

Editor: Peter Thomas