BY P.R. VENKAT AND CHUN HAN WONG

SINGAPORE—ARA Asset Management Ltd., the Singaporean real-estate firm partly owned by Hong Kong tycoon Li Ka-shing, is reviving plans for an initial public offering of some Chinese property assets for October, three people with knowledge of the deal said Tuesday.

The deal, which was put on hold earlier this year, would be Singapore’s first yuan-denominated share sale, three people with knowledge of the deal said Tuesday. It aims to raise US$640 million, as was initially planned, and would be only the second IPO denominated in the Chinese currency outside mainland China.

Mr. Li, one of Asia’s richest men, was also …