(Bloomberg) -- Beijing Capital Group Co. is considering selling its waste management business in Singapore for as much as $500 million, according to people familiar with the matter.

The state-owned Chinese firm is in talks with advisers about working on the potential divestment of ECO Special Waste Management Pte, said the people, who asked not to be identified as the information is private. 

Deliberations are at an early stage and Beijing Capital could decide against selling the business, the people said. A representative for Beijing Capital didn’t immediately respond to requests for comment by phone and email.

The company is also exploring the sale of a New Zealand-based unit, Beijing Capital Waste Management NZ Ltd., Bloomberg News reported in August. 

Waste recycling businesses have become increasingly popular among investors due to their strong cash flow as well as their environmental benefits. Macquarie Group Ltd.’s infrastructure unit completed a deal in August to buy of Australian waste management firm Bingo Industries Ltd. for about $1.9 billion including debt. Buyout firm Platinum Equity bought Spanish waste management company Urbaser SA from Chinese environmental services group China Tianying Inc. at an enterprise value of about $4.2 billion, finalizing the deal last month.

Beijing Capital acquired ECO Special Waste Management for S$246 million ($180 million) in 2015. Founded in 1997, the Singaporean firm provides services managing industrial and commercial waste, sludge treatment and specialized chemical recovery, according to its website.

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