Goldman Sachs (NYSE:GS), Citigroup (NYSE:C) and Citic Securities are joint sponsors of the offering. Onewo offers property management services that incorporate artificial intelligence and business process outsourcing models. Vanke holds roughly 60% of the firm. The offering comes amid a severe downturn in China's property market, which was exacerbated this year by a series of COVID lockdowns. New home sales are waning, while several major developers are facing a cash crunch due to mortgage boycotts and increased regulatory scrutiny.