Jan 25, 2022 06:39 AM

ECONOMY

Embattled Shimao Gears Up Asset Sales for Debt Relief

By Peng Qinqin, Chen Bo and Han Wei

Ranked 14th among Chinese developers by contracted sales, Shimao came under the spotlight in November

Ranked 14th among Chinese developers by contracted sales, Shimao came under the spotlight in November

Chinese developer Shimao Group Holdings Ltd. (00813.HK) is moving to offload 34 projects, joining a growing parade of developers seeking to ease liquidity crises by selling assets.

The assets up for sale include residential, office, commercial and hotel projects wholly or partly owned by Shimao, according to documents seen by Caixin. The projects are in 17 cities including Beijing, Shanghai and Hangzhou and in the Greater Bay Area. Shimao didn’t comment.

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