BEIJING, April 15 (Xinhuanet) -- Already with four listed subsidiaries and controlling two listed funds, Beijing Capital Group is also seeking an overall group listing in overseas markets in the next two to three years.

Liu said the group would issue 40 billion shares in an overseas listing. Some of the stakes to be acquired by the first group of strategic investors will also be floated.

Possible venues of the planned listing includes Hong Kong, New York and London, he said.

The proceeds raised would be used in various businesses in which the group is involved in, including real estate, finance, infrastructure, water, and highway construction, among others.

Beijing Capital Group, one of the biggest State-owned enterprises in Beijing, is controlled by the Beijing municipal government. Its net assets were close to 12 billion yuan (US$1.46 billion) by the end of 2003, compared to 9.57 billion yuan (US$1.16 billion) a year ago, group sources said.

Its real estate subsidiary, Beijing Capital Land Ltd, was listed in Hong Kong last June and has absorbed strategic investors like Singapore's GIC Real Estate Ltd, which has already jointly undertaken two luxurious housing projects in Beijing.

The subsidiary is now planning a 1.2 billion A-share listing.

Real estate is estimated to account for 30 per cent of Beijing Capital Group's revenue and is one of its core businesses.

Beijing Capital Group has chosen seven overseas strategic investors to enhance its strength prior to its planned overseas listing in the next few years, said group president Liu Xiaoguang.

They are expected to acquire 10 billion shares that will be placed by Beijing Capital Group as part of its capital expansion.

(Shenzhen Daily)