New World Development (HKG:0017) is planning to sell real estate assets in mainland China as the company continues to face high debt burdens, Bloomberg reported Wednesday, citing people familiar with the matter.
Shares of the company fell about 3% in the wake of the report.
The Hong Kong developer is preparing to dispose of projects individually, including K11 properties in Shanghai, Hangzhou, and Shenzhen, as part of conditions tied to the recent refinancing agreement with banks, according to the report.
The Shanghai tower is being sold for 2.85 billion yuan, as seen on a property agent brochure, the report said.
The sale of assets is part of an $11 billion refinancing deal the company clinched in June, according to the report.
Earlier this year, New World also explored alternative options, including a potential full sale of the company, Bloomberg wrote, citing the people.
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