Red-chip candidate Tianjin Development plans an initial public offering (IPO) early next month. A source close to the company said Tianjin Development, the listed arm of Tianjin municipal government, would launch its international road show this month and its IPO in early December. Tianjin municipal government had taken market trends and sentiment into consideration before deciding to proceed with the road show and public offer. 'With the strong assets that will be included in the IPO, Tianjin is confident of attracting long-term investors,' the source said. The listing of Tianjin Development was postponed twice previously after originally being planned for the first half this year. That was changed to September after it had to secure official approval from the mainland's securities watchdog. It was postponed a second time, to December, after the market reversed amid the currency crisis. The source said that this time, the float would be on schedule. It was planning to raise $1 billion with a portfolio comprising six ventures with total asset value about 1.5 billion yuan (about HK$1.38 billion): a 49 per cent stake in Sino-French winery Dynasty, a 40 per cent stake in Tianjin Otis Elevator, wholly owned Dongya Woollen Textiles Factory, two cargo handling companies, and the city's outer ring road.