Fund hopes to raise £105m for investment in Chinese gambling haven.
A property developer based in Macau, the Chinese equivalent of Las Vegas, has applied to join AIM on 5 June.
The Macau Property Opportunities Fund hopes to raise £105m by a placing of 105m shares at 100p each.
The fund's investment activities will be managed by Macau-based property manager Sniper Capital, which has been appointed to source development and investment opportunities with potential for capital growth on behalf of the fund.
Collins Stewart has been appointed as nominated adviser to the fund, whose directors include David Hinde, Alan Clifton and Richard Barnes.
Sniper is already in advanced talks to acquire $130m (£70m) of property for the Guernsey-domiciled fund, which is due to become the fourth AIM-listed property company to invest primarily in China.
Its proposed listing follows the flotations of Hong Kong-based Asian Growth Properties; Taiwanese leisure resort developer Amazing Holdings; and China Real Estate Opportunities, which is backed by Richard Barrett's and John Ronan's Treasury Holdings.
As well as being China's only legal gambling haven, the former Portuguese colony is also one of the country's biggest tourist destinations, attracting around 18.7 million visitors in 2005.
The economy of the region is similar to that of Hong Kong and Singapore. However, while property prices in the latter two countries have taken off in the last five years, Macau's property market has been depressed.
Analysts suggest that investors in the Macau Property Opportunities Fund will need to take risk into account, as the status of Macau as China's only legal gambling region - one of the fund's main selling points - is not protected in the long term.
Luke Ahern, analyst at AIM specialist broker Corporate Synergy, said: ‘It is interesting to see that AIM investors are being offered the opportunity to invest in such exotic markets as Macau. But London is being asked to fund so many ambitious projects these days.
I hope we can afford it.
To mitigate this risk and reassure potential investors, the firm says it will also consider investments in the neighbouring Western Pearl River Delta region and Greater China.