UPDATE 2-Carlyle-backed China Pacific readies HK IPO -sources

* New plan follows failed $4 bln-plus HK IPO last year

* Board members expected to approve new plan next month

* Carlyle expected to sell part of its stake after IPO (Adds quotes, details about Carlyle's exit plan)

By George Chen and Michael Flaherty

HONG KONG, July 15 (Reuters) - China Pacific Insurance (Group) Co Ltd (601601.SS), the country's third-largest life insurer and partly owned by the Carlyle Group, is set to relaunch its Hong Kong IPO, according to sources, after its first attempt failed last year when markets plunged.

The insurer, which tried to raise more than $4 billion from the Hong Kong market last year, has been in early discussions with several investment banks for a new Hong Kong IPO proposal, said the sources close to the situation.

The new IPO plan was aimed at excluding a minimum listing price condition that had previously been required, said sources who declined to be identified as they were not authorised to speak to the media before an official announcement is made.

"The key point is to get listed in Hong Kong, which will be happy news for everyone," said one source.

"Carlyle can only exit once China Pacific is listed abroad, while China Pacific also needs to raise more capital to support its business expansion," he added.