Indebted Chinese developer Country Garden (2007) agreed to sell a stake in an Australian residential project for A$240 million (HK$1.2 billion) and expects to finish the disposal in the first half of this year, mainland media reported.
It is the latest in a series of sales which bring it closer to a complete exit from the country.
Australian subsidiary Risland agreed to sell its partial interest in most of the Wilton Greens development, some 330 hectares located about 65 km southwest of Sydney, according to an undated statement reviewed by Reuters yesterday.
"The divestment also allows Risland to rebalance its portfolio and continue to seek new opportunities to operate in the important Australian market," chief executive Hu Guotao said in the statement.
Originally launched in 2019 as a A$2 billion development of 3,600 homes on the outskirts of Sydney, the project wasplagued by delays.
In October, fewer than 50 homes were under construction.
China's biggest private property developer is among a long list of developers facing a cash crunch since being hit by a debt crisis in mid-2021.
The sales outside China come as Country Garden works on its offshore debt restructuring proposal, after defaulting on US$11 billion (HK$85.8 billion) in bonds in October.
Sino-Ocean (3377) reportedly met a bunch of key offshore bondholders on Wednesday, the first time after the developer's default.
Logan (3380) added Alvarez & Marsal Corporate Finance as a co-financial advisor to its offshore debt restructuring.
