Embattled Chinese property developer Shimao Group Holdings is looking for buyers for around 40 projects, valued at just over RMB 77 billion ($12.12 billion). The sales are an attempt to provide liquidity for the cash-strapped developer as RMB 20 billion ($3.1 billion) of bond repayments come due this year, reports the South China Morning Post.
The package of 37 assets includes hotels, shopping malls and serviced apartments.
One of the projects on the list includes a landmark luxury hotel built in an abandoned quarry in Shanghai, which carries a price tag of RMB 2.25 billion. Two sources with knowledge of the asset sales said that Shimao had approached potential buyers including state-owned rivals and financial firms, but the response was lukewarm.
“The sale of the quarry hotel could make headlines,” said Yin Ran, an angel and property investor in Shanghai. “Nearly all families in Shanghai would be interested in staying at the hotel for at least a night.”