(Yicai Global) Jan. 7 -- China Aoyuan Group is in talks with buyers to dispose of four or five of its overseas assets to secure around CNY3 billion (USD470.6 million) and help ease the troubled Chinese property developer’s liquidity crunch, The Paper reported today, citing people with knowledge of the matter.

No further details were given, but Guangzhou-based Aoyuan was reported to have overdue debts of CNY6 billion (USD941 million) as of Dec. 2. It has apologized to creditors and promised to repay the principal and interest.

“As overall financing of the foreign real estate sector is blocked, we are in negotiations with market players and may dispose of some overseas assets, including a number of high-quality properties in Canada and Australia,” Guangzhou-based Aoyuan told The Paper previously.

Aoyuan’s sales in the first eleven months last year gained 2 percent from the same period the previous year to CNY115.8 billion (USD18 billion), but accounted for only 77.2 percent of its annual sales target, the company said earlier.

Aoyuan’s share price [HKG:3883] closed up 3.38 percent at HKD1.53 (USD0.20) today.

Editor: Kim Taylor