Property developer China Xintiandi plans to pursue a US$1 billion IPO in Hong Kong in the third or fourth quarter of 2012, The Wall Street Journal reported, citing a person familiar with the matter. China Xintiandi is best known for its Xintiandi entertainment complex in Shanghai but also has projects in Dalian, Wuhan and other Chinese cities. The company is a subsidiary of real estate firm Shui On Land (0272.HKG), controlled by Hong Kong business tycoon Vincent Lo. Shui On said on Monday that it filed an application for China Xintiandi to list, which will be handled by JP Morgan (JPM.NYSE) and Standard Chartered (2888.HKG, STAN.LSE, STAC.LSE). The IPO would come at a time when Greater China equity markets appear weak and the property market is struggling in the face of government restrictions seeking to bring down real estate prices. Several offerings in Hong Kong have been withdrawn this year; China Yongda Automobile Services Holdings was the latest company to scupper its planned offering on Tuesday.