State-owned Cofco Property (000031.SZ) is planning to combine its property, hotel, tourism and other related assets ahead of a Hong Kong listing, 21st Century Business Herald reported, citing sources’ comments published in China Real Estate Business. No timetable for the initial public offering has been set but the developer is currently in the preparatory stages of group integration, the sources said. Investment banking specialist Huang Lichong said the listing process may take at least two to three years because of the "complicated equity structure of a centrally administered state-owned enterprise." Cofco has recently been making moves to ramp up its property investments, with plans to launch 20 property projects over the next five to 10 years at an initial cost of US$10 billion.