SHIMAO Property Holdings Ltd (stock code: 600823) plans to sell shares in its hotel projects in an initial public offering in 2009, Ming Pao Daily reported, citing analysts who met with the company's management.

Shimao completed two hotel developments at the end of last year in Shanghai, and is developing another three hotel blocks in the city and in Nanjing, capital of Jiangsu Province, the Hong Kong-based newspaper said.