(Bloomberg) — More than 20 investors have expressed interest in a funding round for Dalian Wanda Group Co.’s commercial property management unit, which could raise about 20 billion yuan ($3.1 billion), according to people familiar with the matter.

Sovereign wealth funds, Chinese technology companies and private equity funds are among those that have shown preliminary interest in the fundraising, said the people, who asked not to be identified as the discussions are private. Wanda Light Asset Commercial Management Co. plans to raise about 2 billion yuan each from some lead investors, while the rest of the investors could chip in around 500 million yuan to 1 billion yuan each, the people said. The funding round could value the unit at about 200 billion yuan, they added.

Wanda Light Asset targets to complete the fundraising by July before its potential initial public offering in Hong Kong later this year, the people said. Deliberations are ongoing and details of the pre-IPO round could still change, the people said. A representative for Wanda didn’t immediately respond to requests for comment.

The commercial property management firm planned to seek an A-share listing in China but withdrew its application in March, adding it will restructure its “asset light” commercial operation and go public at home and abroad as soon as possible.

Wanda Light Asset primarily operates and manages its parent’s Wanda Plaza commercial complexes, including 368 in operation and another 155 under construction. In March, the local government in Zhuhai, a city in Guangdong province, invested 3 billion yuan into the unit, according to a statement at that time. The company is now headquartered in Hengqin New Area of Zhuhai.

Several of China’s real estate developers listed their property services units in Hong Kong last year, raising more than $9 billion in a record for the sector, according to data compiled by Bloomberg. The offerings provided the parent firms with fresh funding amid a crackdown by Beijing on high debt levels in the industry. China Evergrande Group, Shimao Group Holdings Ltd. and China Resources Land Ltd. are among the major developers that listed their management units.

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