(Yicai Global) Feb. 6 -- Chinese state-owned homebuilder Poly Developments and Holdings Group is selling its stakes in 12 real estate joint ventures with Country Garden, one of the country’s largest private developers.

The stakes are being tendered online with for a total of almost CNY2.3 billion (USD339 million), according to disclosures made on the website of China Beijing Equity Exchange.

Poly owns between 35 percent and 51 percent in the 12 ventures, which are in various Chinese cities including Nanjing, Chongqing and Zhuhai. Eight of the 12 lost money last year, with Nanjing Baoning Real Estate losing the most at CNY88 million (USD13 million), the disclosures showed.

Guangzhou-based Poly sold 27.5 million square meters of apartments last year, down 17.6 percent from 2021, according to a recent forecast by the company. Net profit attributable to shareholders fell 33 percent from the year before to about CNY18.3 billion (USD2.7 billion).

Last year, Poly ranked second among the biggest 100 developers operating mostly in the mainland, with sales of CNY457 billion. Country Garden led the way on CNY464 billion, according to a January sales ranking compiled by China Real Estate Information.

Poly [SHA: 600048], which is part of state-owned China Poly Group, closed down 2 percent at CNY15.02 (USD2.20) today, while Country Garden [HKG: 2007], a Foshan-based private property giant, fell 3.6 percent to HKD2.70 (30 US cents).

Editor: Tom Litting