Kaisa Group has put 18 property projects in Shenzhen worth RMB 81.8bn ($12.8bn) on an auction block. The projects cover over 1.45mn square meters of land and includes its RMB 29.8bn ($4.7bn) renovation of the Dongjiaotou shanty town in Shenzhen’s Nanshan district. Sources say that the developer plans to start selling the assets as soon as next month, aiming to wrap up the process by the end-2022. Kaisa’s spokespeople did not immediately respond to requests for comment. The news comes on the back of the company’s being downgraded by the major rating agencies and follows its default on Wealth Management Products (WMPs) totaling to about RMB 12.8bn ($2bn).

Kaisa’s dollar bonds are trading at distressed levels of just over 30 cents on the dollar while its 10.875% Perp is at 25.25 cents on the dollar.

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