Li & Fung Group plans retail business listing for US$1 bln

Li & Fung Group, parent of retail supplier Li & Fung<494> plans to raise about US$1 billion by seeking a separate listing of its privately held mainland and Asia Pacific retail business, a Hong Kong newspaper reported on Monday.

Li & Fung Group, which is owned by the Fung family, aimed to spin off its retail business and list it on the Hong Kong bourse later in 2008, and JP Morgan had been mandated to handle the deal, according the report.

The company's unlisted assets include Toys'R'Us, which has 49 outlets across Asia and Branded Lifestyle which represents brands such as Calvin Klein jeans and Circle K.