Tianfang Hospitality Management Pte is planning an initial public offering for a trust backed by three hotels in China that could raise about S$500 million ($372 million), people with knowledge of the matter said.

The Singapore listing could take place as early as September, the people said, asking not to be identified as the information is private. The real estate investment trust’s portfolio consists of theRitz-Carlton Hotel and Tianmu Hot Spring Resort Hotel in the northern city of Tianjin, as well as the InterContinental Sanya Haitang Bay Resort Hotel on tropical Hainan island, two of the people said.

Tianfang’s offering could bring a boost to the Singapore stock exchange, where first-time share sales have raised $41 million this year compared to $729 million during the same period in 2014, data compiled by Bloomberg show. A gauge of property trusts listed in the city has fallen 0.1 percent this year, while the benchmark Straits Times Index has declined 0.4 percent.

Calls and a fax sent to a Singapore phone number registered to Tianfang Hospitality weren’t answered.

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