World Union Real Estate Consultancy won regulatory approval on Monday for an initial public offering on the Shenzhen Stock Exchange, in what analysts said was probably the first example of a real estate consultancy and brokerage being allowed to float A-shares, state media reported. World Union, which also provides consulting and brokerage services, plans to sell up to 32 million yuan-denominated shares with China Merchants Securities arranging the offering. No target was given for the amount World Union hopes to raise through the listing. Proceeds from the listing will go toward expanding the company’s 23-branch network, training staff and raising brand awareness, an effort expected to cost US$46.5 million, the company said.