Blue-chip Swire Pacific has received regulatory approval for the initial public offering of its property unit in Hong Kong that will raise around $3bn, a person familiar with the situation said.

The roadshow for the spinoff of Swire Properties will start 26 April and the unit is scheduled to list on the Hong Kong bourse 14 May, the person said.

The deal has been closely watched by bankers and investors because the spinoff by Swire Pacific, one of the 44 constituents of the Hang Seng Index, is likely to become the Asia-Pacific region's second-largest IPO so far this year after an offering from Japan's Dai-ichi Life Insurance Co. raised $10.99bn earlier this month, according to data from Dealogic.

Wall Street Journal