Shimao Group said it is in talks with potential buyers such as China Vanke and may consider disposing of some properties to reduce debt
Shimao, which defaulted on a trust loan last week, has asked agents since late December to help seek buyers for its properties
Property NPLs jumped 8.4% in November. Guangzhou R&F Properties says it does not have funds to buy back a $725m bond as sales of assets have not come through as planned
Shanghai Shimao said it would be difficult to meet its 38 billion yuan ($5.96 billion) full-year sales target, as sales in the first 11 months totalled just 28.2 billion yuan
Chinese developer saw sharp falls in its shares and debt earlier this month, triggered by worries over an asset sale and cancelled apartment deals
A Shanghai Shimao Co bond that matures in January 2022 rose 11.7%, making it the top gainer on Shanghai Stock Exchange's corporate bond market
Investors in the country's 13th-biggest property developer have been told the group's sales this year are set to be $6bn short of target
Rally appears driven by speculation the CCP Central Committee will loosen property policies this week and inject stimulus to boost sales
Investors across the region were keeping their powder dry ahead of the release of the latest economic figures out of China and the US
There was an inconsistent theme to the region's equity markets on Monday amid US rates uncertainty and no clear messages from Beijing on new stimulus
Global markets were subdued for the Easter break but Tokyo’s benchmark bourse still gained to cap a bumper fiscal year
Banks have been reluctant to deepen their exposure to the ailing real estate sector but regulators are pushing for speedier new loan approvals to developers