Chinese property developer Shimao puts all residential projects on sale

China Evergrande

Chinese property developer Shimao has put all its projects on sale.

Shimao is trying to soften a liquidity squeeze that has pushed its peers into default.

The squeeze in the property development sector has turned Shimao’s big uncle China Evergrande Group into the world’s most indebted developer.

Evergrande is currently seeking a six-month delay in the redemption and coupon payments of a 4.5 billion yuan ($157 million) bond in a meeting with bond holders.

Evergrande is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of offshore bonds deemed in cross-default by ratings agencies last month after it missed payments.

Shimao Group Holdings defaulted on a trust loan last week.

Shimao has put on sale all of its real estate projects, including both residential and commercial properties.

Shimao is currently in talks with China Credit Trust to resolve a $101 million defaulted loan payment.