Chinese property developer Greenland Group said on Friday that its unit plans to set up and list a real estate investment trust (REIT) backed by hotel assets in China on the main board of the Singapore Exchange.

The REIT, to be set up by Greenland Holdings and investment firm Amare, will purchase 19 hotel properties from Greenland for 21 billion yuan ($3.23 billion), it said, adding that the REIT will be listed soon. It did not specify a timing.

The company did not say how much it was looking to raise through the listing, but said it would be the largest REIT issued by Chinese property firms so far.

The first investments will include six hotels in cities including Shanghai, Nanjing, Jinan, Xi'an, Zhengzhou and Yangzhou. Greenland will buy a 30 percent stake in the REIT, and will also participate in the management of the hotels.

Singapore Exchange Ltd has been facing a dearth of IPOs, hurt by the weak market sentiment. Last year, it set up three independent listings committees in an attempt to address investor concerns about its independence.

Funds raised through IPOs and reverse takeovers on the SGX's main board totalled S$276 million ($200 million) in 2015, compared with S$3.18 billion the previous year. Last year, there was only one IPO on the SGX main board.