Shui On Land, the mainland property developer controlled by Vincent Lo Hong-sui, has been questioned by the stock exchange's listing committee over the potential competition between the proposed-listed properties and the non-listed properties owned by the company and Mr Lo. According to sources, a listing committee members meeting on Thursday questioned why two properties - Shanghai's Shui On Centre and one Guangzhou property - were not included in the listed portfolio as these properties may compete with the listed properties in terms of tenants. Sources said Shui On Land was required to submit further information clarifying the problem but it did not necessarily mean it needed another hearing as the application was approved in principle. 'Within the committee, there are different opinions over the issue. But it seems the problem is not fatal enough to hold back the whole listing,' a source said. The offering was unlikely to face a long delay provided the firm can address the issue quickly, and unless the committee showed strong dissatisfaction with its answers. Shui On Land has a land bank of more than 71 million square feet and its key assets include the Hualongqiao development in Chongqing, the Chuangzhi Tiandi project in Shanghai and the Xihu Tiandi complex in Hangzhou. The firm, which is 26.9 per cent owned by Shui On Construction and Materials, plans to raise at least $10 billion from an initial public offering next month. HSBC, Deutsche Bank and JP Morgan are the bookrunners.