Shimao Puts $12 Billion of Assets up for Sale, Caixin Says

Shimao Puts $12 Billion of Assets up for Sale, Caixin Says

Bloomberg

Shimao Group Holdings Ltd has put 34 projects across China up for sale, as the embattled developer seeks to raise billions of dollars amid mounting debt repayment pressures, Caixin reported.

The assets are residential, office, commercial and hotel projects in 17 cities including Beijing, Shanghai and Hangzhou and in the Greater Bay Area in southern China, Caixin cited documents as saying. Shimao’s dollar bonds and shares rose on Tuesday morning.

Shimao is asking for 42.2 billion yuan ($6.7 billion) for 15 of the projects, the report said. The remaining 19 are either joint ventures or projects in an initial investment stage in which the developer has invested a combined 32.5 billion yuan, it said. Representatives for Shimao weren’t immediately available to comment when contacted by Bloomberg.