HONG KONG, Nov 13 (Reuters) - Lafarge (LAFP.PA: Quote, Profile, Research), the world's largest cement maker, and Shui On Construction and Materials Ltd (0983.HK: Quote, Profile, Research) are set to spinoff its cement joint venture, hoping to raise $500 million-$600 million from a Hong Kong initial public offering in 2010, according to sources close to the matter.

The IPO would join a long line-up of listing candidates hoping to raise money from the revival in the Asian stock markets.

"Regarding the cement business, we are considering various financing options to ensure the future development of the business," said a Shui On Construction spokeswoman, declining to comment specifically on the company's plans. (US$1=HK$7.75) (Reporting by Kennix Chim and Michael Flaherty; Editing by Chris Lewis)