Shimao puts residential projects on sale as China property woes deepen

The Shanghai-based property developer has struck a preliminary deal with a Chinese state-owned company to sell its Shimao International Plaza Shanghai, a commercial property on Shanghai's Nanjing Road

Shimao has put all its projects on sale, local media reported, as Chinese property developers face mounting pressure to negotiate with their creditors to ease a liquidity squeeze in the sector that is threatening to push more firms into default.

China Evergrande Group, the world's most indebted developer, is 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. The outcome of the meeting is expected later Monday.