Breaking News-RTRS-UPDATE 1-Palm oil firm Wilmar hires banks for big China IPO

HONG KONG, July 3 (Reuters) - Wilmar International , the world's largest listed palm oil company, has hired three banks to handle what sources say could be a $3 billion flotation of its China business.
The Hong Kong IPO would be among the biggest so far this year in Asia, where companies have rushed back to the equity market as its gains have gathered pace.
The Singapore-based company previously said it plans to list 20-30 percent of its China operation to tap investor interest in its biggest market and to raise cash for acquisitions.
Sources with direct knowledge of the matter said on Friday that the company has hired BOC International, Goldman Sachs and Morgan Stanley to handle the offering.
Wilmar and Goldman declined to comment. BOCI -- Bank of China's investment banking arm -- and Morgan Stanley could not immediately be reached.
The IPO is set for a Hong Kong listing late this year or early next, said one of the sources involved, who could not speak publicly about the deal.