HONG KONG: Embattled Chinese property developer Country Garden is selling properties in Guangzhou, aiming to raise 3.8 billion yuan ($530 million), according to an asset transaction platform.

The properties include a hotel resort, four office towers, a shopping mall as well as five rental apartment buildings, according to listings dated Jan. 19 on Guangzhou Enterprises Mergers and Acquisitions Services.

Country Garden, the largest private property developer in China, is among a long list of Chinese developers reeling from a cash crunch as the sector plunged into crisis in mid-2021 after authorities sought to rein in excessive debt levels.

China’s Country Garden nears full exit from Australia with residential project sale

It defaulted on $11 billion worth of offshore bonds in October and has also extended repayments for its onshore notes.

Last week, Country Garden said it has agreed to sell a stake in an Australian residential project, the latest in a series of sales which would bring it closer to a complete exit from the country.