Chinese developer Shimao puts all real estate projects up for sale – Caixin

A man walks past a wall bearing the Shimao Group logo, with residential buildings and the Pudong financial district in the background, in Shanghai, China on January 1, 2013. Photo taken on January 1, 2013. REUTERS / Stringer

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SHANGHAI, Jan. 10 (Reuters) – Shimao Group Holdings has put all of its real estate projects, including residential and commercial properties, up for sale as the cash-strapped Chinese real estate developer accelerates asset disposals, Caixin reported.

Shimao, who defaulted on a trust loan last week, has asked agents since late December to help him find buyers for his properties, Caixin reported over the weekend.

The company did not immediately respond to a request for comment.

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The Shimao Group (0813.HK) mainly focuses on residential real estate development, with Shanghai Shimao Construction being its main business platform in China. Shanghai Shimao Co Ltd (600823.SS), controlled by Shimao Group, mainly develops commercial properties.

Shimao has reached a preliminary deal with a Chinese state-owned company to sell its Shimao International Plaza Shanghai, a commercial property on Nanjing Street in Shanghai, for more than 10 billion yuan, reported Caixin.

The real estate developer said last week that it was in default on a fiat loan, while its Shanghai Shimao Construction unit offered maturity extensions for two asset-backed securities (ABS) maturing this month- this. Read more

Shimao has 34.2 billion yuan of ABS outstanding, as well as $ 5.72 billion in dollar bonds, according to Caixin.

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Reporting by Samuel Shen and Clare Jim Editing by Shri Navaratnam

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