Beijing property group plans overseas listing

Beijing Capital Group said it plans to hold an IPO overseas to raise US$4 billion within the next three years. The property group plans to use funds to finance building projects in Beijing before the city hosts the 2008 Olympics. A foreign listing will require the group to reorganize its business units, which are listed on mainland and Hong Kong stock exchanges. Subsidiary Beijing Capital Land of Hong Kong plans a Shanghai A-share listing to raise US$362 million within the next year.