(Yicai Global) Jan. 25 -- Chinese real estate developer Shimao Group Holdings intends to sell 36 projects, including a 700-meter-high skyscraper in Shenzhen, in total worth more than CNY77.1 billion (USD12.2 billion) to reduce its liabilities.

The property firm expects to recover as much as CNY23.6 billion in funds via the transfers, the Paper reported today.

Although Shimao has assets worth more than CNY200 billion (USD31.6 billion), concentration among big corporate facilities is intense, which slows its general turnover, Xu Shitan, president of the developer, said during the firm's semi-annual earnings call in 2020. Processes should be accelerated, Xu added.

One of the mentioned projects is the megatall skyscraper of Shimao Shenzhen-Hong Kong International Center in the tech hub of Shenzhen. The undertaking, which has nearly 1.4 million square meters in floor area, boasts a total assets value of CNY62.9 billion, and CNY8.4 billion of that has been sold so far. Shimao has priced its stake in the project at CNY15.1 billion.

Another one on the list is InterContinental Shanghai Wonderland, a resort that is built on the site of an old quarry. The design includes some rooms that are underwater. Shimao's ask is CNY2.25 billion (USD355.5 million). The Hong Kong-based company constructed the first Smurfs theme park in the Asia Pacific region near the resort.

The list of 36 has nine projects in Shanghai. Some of them are Shanghai Shimao Tower, the company's regional headquarters, Shimao International Plaza, and the Pucheng residential community. The nine are priced at CNY28.2 billion. The firm has gained CNY16.3 billion via the assets by pledging its equity. Moreover, some commercial and residential projects in Chongqing are for sale.

The report follows an announcement of another deal. Shimao said yesterday that it sold its nearly 26.7 percent stake in the Guangzhou stadium that hosted the Asian Games in 2010 for CNY1.8 billion to cut its debts.

Shimao's share price [HKG: 0813] closed 1.3 percent down at HKD6.09 (US 80 cents).

Editor: Emmi Laine, Xiao Yi