The largest property services provider in China's Greater Bay Area is aiming to raise between $300 million to $400 million through an initial public offering (IPO) in Hong Kong. Sources with knowledge of the matter claimed that Excellence Commercial Property and Facilities Management Group is moving forward with its plans to float its shares in the Asian financial hub.

The company is the self-proclaimed manager of choice for many of the high-end commercial properties in the rapidly growing Greater Bay Area. Excellence Commercial, which is headed by real estate billionaire Li Hua, stated in its preliminary listing document filed with the Hong Kong stock exchange that it manages over 308 projects in 27 cities across China.

As of the end of 2019, Excellence Commercial manages an aggregate gross floor area of over 23.5 million square kilometers. Last year, the company raked in a net profit of over 233.57 million yuan, or about $33.67 million. The profits were generated from revenue of over 1.84 billion yuan.

Excellence Commercial will reportedly use the proceeds of the share sale to expand its business through strategic acquisitions. Parts of the funds will also be used for digitalization investments and other general corporate purposes.

With most of its revenues being generated through its business in the Greater Bay Area, Excellence Commercial is in the perfect position to realize massive growth in the coming years. The area, which commands an economy worth more than $1.65 trillion, is rapidly growing amid a continued drive by China to transform it into a regional economic and business hub.

The planned listing comes amid a flurry of IPOs by other Chinese real estate companies in Hong Kong this year. Since the start of the year, more than 10 major real estate firms have submitted their IPO plans. This includes property giants such as China Evergrande And Sunac China.

While most real estate firms have chosen to list closer to home, some companies have braved the geopolitical storm and launched their share sales overseas. Last week, China's largest real estate platform operator KE Holdings launched its $2.12 billion IPO in the United States. It was the largest listing by a Chinese firm in New York since 2018. On Monday, KE Holdings' share prices were trading at around $35.88 per ADR, which is around 79 percent higher than its original IPO pricing. It closed the day at $38.72 per share.