EMBATTLED Chinese property developer Country Garden is selling properties in Guangzhou, aiming to raise 3.8 billion yuan (S$718 million), according to an asset transaction platform.
The properties include a hotel resort, four office towers, a shopping mall as well as five rental apartment buildings, according to listings dated Jan 19 on Guangzhou Enterprises Mergers and Acquisitions Services.
Country Garden, the largest private property developer in China, is among a long list of Chinese developers reeling from a cash crunch as the sector plunged into crisis in mid-2021, after authorities sought to rein in excessive debt levels.