Dec 01, 2023 04:49 AM

FINANCE

Gemdale Steps up Asset Divestiture as Debt Woe Looms

By Chen Bo and Han Wei

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Gemdale’s sales have plunged, with contracted sales in the first 10 months totaling 132.9 billion yuan, down 27.5% year-on-year

Gemdale’s sales have plunged, with contracted sales in the first 10 months totaling 132.9 billion yuan, down 27.5% year-on-year

Chinese developer Gemdale Corp. is stepping up efforts to divest assets in the face of more than 10 billion yuan ($1.37 billion) of maturing debt amid deteriorating business and a liquidity drain.

Gemdale, one of few developers in China that has so far avoided a default, has since November listed several projects in major cities for sale as fears over its financial sustainability grows, Caixin learned from multiple sources.

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