Cash-strapped Chinese developer Shimao sells stake in JV to state-owned partner

Photographer: SeongJoon Cho /Bloomberg

Chinese property developer Shimao Group joined smaller peer Agile Group to sell its stake in a Guangzhou complex to state-owned partner China Overseas Land & Investment (COLI) in a push to reduce its debt.

Shimao, which held a 26.7% stake in the Guangzhou Asian Games City, the same as Agile, said late on Monday it sold its holdings to joint venture partner COLI for 1.84 billion yuan ($290.65 million). Agile made a similar announcement earlier in the day.

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