Struggling Chinese property developer Shimao Group is preparing to sell 34 projects, joining a rising number of cash-strapped developers trying to ease liquidity issues through the sale of assets, reports Caixin. The assets up for sale include residential, office, commercial and hotel projects wholly or partly owned by Shimao. The projects are in 17 cities including Beijing, Shanghai and Hangzhou and in the Greater Bay Area.
Shimao valued 15 projects on the list at a total of RMB 42.2 billion ($6.65 billion). The 19 other projects are either partly owned by Shimao or in early stages, making their value difficult to assess. Shimao’s net investment in the projects totaled RMB 32.5 billion.
China’s property market is experiencing a surge of deal-making as regulators encourage stressed developers to sell assets to ease the liquidity crisis that’s rattling the industry and weighing on the economy.