SHANGHAI: Shimao Group Holdings has put on sale all of its real estate projects, including both residential and commercial properties, as the cash-strapped Chinese property developer accelerates asset disposals, Caixin reported.
Shimao, which defaulted on a trust loan last week, has asked agents since late December to help seek buyers for its properties, Caixin reported over the weekend.
The company didn't immediately respond to a request for comment.
Shimao Group is largely focused on residential property development, with Shanghai Shimao Construction being its main China business platform. Shanghai Shimao Co Ltd , controlled by Shimao Group, mainly develops commercial properties.
Shimao has struck a preliminary deal with a Chinese state-owned company to sell its Shimao International Plaza Shanghai, a commercial property on Shanghai's Nanjing Road, for more than 10 billion yuan, Caixin reported.
The property developer said last week that it has defaulted on a trust loan payment, while its unit Shanghai Shimao Construction has proposed extensions on maturities for two asset-backed securities (ABS) due this month.
Shimao has 34.2 billion yuan worth of outstanding ABS, as well as $5.72 billion worth of dollar bonds, according to Caixin.
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