IPOs & Markets
The five-year old company has decided to put off those plans as it is not ready to go public.
The fundraising comes at a time when China this week cut subsidies to battery electric cars.
The private equity firm is learnt to be moving towards first-close of the fund late in the second quarter.
The sale move comes at a time when China's wholesale and retail sectors are experiencing disruption from e-commerce players.
The three-year-old arm of Chinese conglomerate Fosun will launch at least 11 new resorts in the coming years under the French brand.
While it is not uncommon for Chinese companies to raise loans from banks hoping for a mandate on an IPO, it is rare for executives or shareholders to
Boyu's investors include Hong Kong's richest man Li Ka-shing and Singapore state investors Temasek and GIC.
The firm aims for a valuation of at least HK$20 billion ($2.55 billion) to HK$25 billion for the unit.
The company was valued at almost $5 billion in its last funding round in May 2018.
Credit Suisse is the only bank that has so far won the formal mandate for the IPO which will likely take place early in May or June, or the second hal
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