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

  • Bonds rise on report it aims to dispose of a range of projects
  • Asset sales are key for Chinese developer to stay afloat: BI
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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.