HONG KONG - New Century Hotel Group Ltd plans a $400 million initial public offering in Hong Kong in September, Reuters reported.

The company, which is backed by private equity company Carlyle and operates 70 hotels in cities such as Beijing, Shanghai and Chengdu, will brave equity markets despite a slump in recent days that prompted issuers such as China Everbright Bank Co Ltd and others to postpone offerings, the Wall street Journal said.

The company had hired Deutsche Bank AG and Morgan Stanley to handle the offering, the Journal said.