(Bloomberg) -- Onewo Inc., the property management unit of real estate developer China Vanke Co., is telling prospective investors it plans to price its Hong Kong initial public offering near the mid-point of its marketed range, according to a person familiar with the matter.

The Shenzhen-based firm is poised to price the offering at HK$49.35 per share, the person said, asking not to be identified as the information is private. At that price, it would raise about HK$5.8 billion ($739 million). The firm is offering about 116.7 million shares at HK$47.10 to HK$52.70 each.

The price hasn’t been finalized and is subject to change, the person said. An external representative for Onewo didn’t immediately respond to a request for comment. The guidance was first reported by IFR.

Onewo’s IPO will test how investors respond to offerings by firms tied to Chinese developers. The nation’s real estate sector is struggling to emerge from a long-simmering crisis, as Covid lockdowns hurt home sales and increase the pressure on cash-strapped builders.

Hong Kong is seeing a modest rebound in mid-to-large-sized deals, after a first-half slump driven by regulatory woes in China, Russia’s invasion of Ukraine and surging interest rates. Chinese electric-vehicle maker Zhejiang Leapmotor Technology Co. started taking orders on Tuesday for an offering as large as $1 billion. CALB Co., a Chinese battery supplier for electric vehicle makers, this month began gauging investor demand for an IPO that could raise as much as $2 billion. 

Onewo offers residential property services, commercial and urban space integrated services and so-called remote space-tech solutions, incorporating artificial intelligence and business process outsourcing, according to its prospectus. Vanke owns about 63% of the property management unit before the IPO.

The offering drew six cornerstone investors that together are willing to snap up about $276 million worth of shares based on the mid-point of the offered price range. They include UBS Group AG’s asset management arm and Singapore’s Temasek Holdings Pte.

Citic Securities Co., Citigroup Inc. and Goldman Sachs Group Inc. are joint sponsors of the offering. Shares are expected to start trading on Sept. 29. 

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