Bank of China Group Investment is expected to spin off its China rental properties through a yuan-denominated REIT listing in Hong Kong, to raise more than HK$2.3 billion ($296 million), the Apple Daily reported on Monday.

The investment firm, a unit of Bank of China Group, which is the parent of Bank of China Ltd (601988.SS)(3988.HK), has invited listing proposals from investment banks and is expected to finalise sponsors soon, the newspaper, said citing market sources.

If successful, it would be the first yuan-denominated REIT issue by a Chinese enterprise, and was expected to be a great push for internationalisation of the yuan, the paper added. It gave no further listing details. (US$1=HK$7.77)