Chinese developer Shimao Group is moving to offload 34 projects across 17 cities that include, Beijing and Shanghai, as per Caixin Global. Shimao is asking for RMB 42.2bn ($6.7bn) for 15 of those projects while the remaining 19 are either JVs or projects in initial investment stages where Shimao has invested ~ RMB 32.5bn ($5.1bn). The assets for sale include include residential, office, commercial and hotel projects. Separately, Shimao is also in discussion with state-owned developer China Overseas Land & Investment (CHIOLI) to sell its stake in Guangzhou Asian Games City project. Shimao’s dollar bonds were trading stable at around 43-50 cents on the dollar.
Separately, Shanghai Pudong Development Bank priced a RMB 30bn ($4.7bn) 3Y bond at a yield of 2.69%, with part of proceeds to be used for funding M&A in the property industry.
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