(Yicai Global) Nov. 29 -- Fantasia Holdings Group has sold its stakes in real estate projects in Ningbo and Beijing as the struggling Chinese property developer, which recently defaulted on a USD206 million US dollar bond, looks for ways to raise cash, online news outlet The Paper reported today.

Fantasia has sold its holdings in two projects in Beijing’s Miyun district to co-developer CIFI Group, the report said. And it has transferred its 49 percent equity in a real estate project in Ningbo, southeastern Zhejiang province to Jianan Investment Holding Group, The Beijing News reported on Nov. 26. No amounts were given.

The Shenzhen-based company is under much short-term pressure as around USD1.3 billion of bonds will mature in the coming year, according to statistics from International Financial News. Credit rating agencies Standard and Poor, Fitch and Moody’s all downgraded Fantasia last month.

Its unit Hong Kong Fantasia Investment Holdings Group is also facing a wind-up petition filed by creditors involving a loan facility with outstanding principal of USD149 million, of which Fantasia is a guarantor, the firm said.

Fantasia suspended trading today pending the release of insider news, it said. Its share price [HKG:1777] closed 7.4 percent lower at HKD0.32 (USD0.04) yesterday, with a market cap of HKD1.8 billion (USD282 million).

Editor: Kim Taylor