China state newspaper's web portal eyes June IPO
A migrant labour works on a residential building in Shanghai June 10, 2009. Chinese urban property prices fell by 0.6 percent in May from a year earlier compared with a fall of 1.1 percent in the 12 months to April, the National Development and Reform Commission said on Wednesday. REUTERS

People.com.cn, the online news portal run by the mouthpiece of the Chinese communist party, will list in Shanghai as early as June, a person familiar with the matter said on Monday.

People's Daily Online Co Ltd, which operates the online version of the party mouthpiece People's Daily, will be the first online news organization to list in Shanghai if its plans are approved.

It'll be in June, probably June 20 because that's the date when the company was established last year, said the person, who declined to be named because the plan was not yet public.

State-run China Daily reported in January this year that the company is aiming to raise about 800 million yuan ($121.8 million) in a Shanghai offering this year, and has struck deals with investors such as China Mobile, China Unicom and China Telecom.

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