24-1-2024 (HONG KONG) Country Garden, the embattled Chinese property developer, is making efforts to raise 3.8 billion yuan (US$530 million) by selling properties in Guangzhou, as reported by an asset transaction platform.
The listings on Guangzhou Enterprises Mergers and Acquisitions Services reveal that the properties up for sale include a hotel resort, four office towers, a shopping mall, and five rental apartment buildings. The listings were dated January 19.
Country Garden, known as the largest private property developer in China, is just one of many Chinese developers facing a severe cash crunch. The real estate sector has been in crisis since mid-2021 after authorities implemented measures to curb excessive debt levels.
In October, Country Garden defaulted on US$11 billion worth of offshore bonds and has also extended repayments for its onshore notes.
In a recent announcement, Country Garden stated that it has agreed to sell a stake in an Australian residential project. This move is part of a series of sales that would bring the company closer to a complete exit from the Australian market.
