(Yicai) Jan. 24 -- Country Garden Holdings is selling five assets in Guangzhou in China's southern Guangdong province, with the aim of raising CNY3.8 billion (USD531 million), as the cash-strapped developer steps up the pace of its asset disposals.

Country Garden is seeking about CNY1.3 billion (USD183.1 million) for the five-star Phoenix City Hotel in the city's Zengcheng district, making it the priciest on the five assets on sale, Guangzhou Enterprises Mergers and Acquisitions Services, a property rights exchange, said on Jan. 19. The others are two office buildings, a commercial building, and a residential property.

Country Garden, China’s biggest property developer, is negotiating with a buyer about the sale of its project in Australia, which was said to be on the table since last August, Chinese news outlet The Paper reported yesterday. The project will likely be sold in the first half of this year, it said.

Country Garden has 15 outstanding US dollar bonds worth around USD9.9 billion, according to QYYJT, an online platform that monitors and warns of corporate risks. Two of the bonds, worth about USD1.6 billion, will mature this year.

Last September, the builder won approval from its creditors to extend nine domestic bonds worth about CNY14.7 billion (USD2.1 billion). The notes were rolled over for three years, easing the financial pressure on the Foshan-based company. To gain approval, Country Garden pledged asset packages for each bond, including real estate projects around China.

Country Garden had liabilities of CNY1.2 trillion (USD166.7 billion) as of the end of last June, with illiquid liabilities of CNY173.9 billion (USD24.4 billion), it said in a financial report in August. It has CNY108.7 billion of debt due in 12 months.

Editor: Martin Kadiev