(Yicai Global) April 11 -- China Vanke, the biggest real estate developer in China, has rebuked a Bloomberg report that it is considering spinning off its property management unit in Hong Kong via an initial public offering worth USD1 billion.

There are no plans to list the unit at present, a company insider told state-backed China News Service today, the same day the report was published.

"The Shenzhen-based company has discussed with potential advisers a share sale that could raise as much as $1 billion," Bloomberg cited a source with knowledge of the matter as saying.

Chairman Yu Liang said at a press briefing in December that the company would be temporarily veering away from the capital market. Vanke Property Development has the potential to be worth CNY100 billion (USD15 billion), he said, adding that it would go public once it was mature enough. The unit employs more than 80,000 people.

The subsidiary, founded in 1990, was active in 83 medium- and large-sized cities in China as of the end of last year, with 2,482 contracted projects, most of which were residential. The developments spanned 530 million square meters in total, including 4.8 million households and 15.8 million people.

Founded in 1990, it lists six fields in its registered business scope: residential property, commercial property, developer intermediary, community assets, smart technology, and community living.

Editor: James Boynton