E-commerce firm JD.com's (9618) property unit is reportedly postponing its listing plan in Hong Kong due to slumping sentiment for China's property sector, while its industrial unit is still moving forward with its plan for an initial public offering in the city.

Last year, JD.com said it was planning to spin off Jingdong Property and Jingdong Industrials by listing both companies in the city, with media reports of a fundraising target of US$1 billion (HK$7.8 billion) for each firm at that time.

According to the latest public documents of the China Securities Regulatory Commission, Jingdong Property is no longer on the list of firms that applied for an overseas listing.

Sing Tao Daily reported the property unit suspended the listing plan amid a current downturn in the mainland real estate industry, citing a source close to JD.com. The report added that Jingdong Industrials is still in progress with its IPO.

Tech giants have been also halting their spin-off plans. Rival e-commerce company Alibaba (9988) had earlier withdrawn its plan to spin off its logistics unit Cainiao for listing in Hong Kong, while it also put a potential Hong Kong IPO of its Freshippo grocery chain on hold.

Jingdong Property mainly develops and manages properties such as industrial parks while Jingdong Industrial provides supply-chain technology and services.

Separately, Autostreets Development (2443), a Chinese provider of used vehicle trading services, jumped over 40 percent among local gray markets last night ahead of today's debut.

It closed at HK$14.72 on Futu Securities's gray market, compared to the offering price of HK$10.2.

JD.com’s Jingdong Property had been looking at raising US$1 billion. Reuters

JD.com property unit postpones HK IPO plan