(Yicai Global) Sept. 1 -- China’s real estate developers are accelerating efforts to exit a cash crunch, with Shimao Group Holdings revealing that it raise about CNY3.3 billion (USD478.2 million) from the sale of properties in Beijing to China Resources Land.

Shimao will sell its stakes in four property companies to the state-backed developer, it announced yesterday evening. They own the rights to develop two residential plots in Beijing’s Fengtai district and will do the interior decoration of the completed homes.

The sale is part of the company’s debt reduction measures, Shanghai-based Shimao noted, adding that it will result in a loss of CNY86 million (USD12.46 million) based on the book value of the properties.

Shimao has been in a liquidity crisis since the second half of last year as China’s real estate market continues to sink. According to a report in The Paper in January, the company plans to raise funds by selling 36 projects worth nearly CNY80 billion.

Shimao’s shares have been suspended from trading on the Hong Kong Stock Exchange since April 1, as the embattled homebuilder failed to disclose its annual earnings report before deadline.

After the Chinese government explicitly proposed to resolve risks in the real estate industry at the end of July, state owned enterprises have frequently come to the aid of troubled developers. On Aug. 5, China Huarong Asset Management unveiled a bailout for Fujian Yango Group to help restructure its assets and ensure the timely delivery of housing projects.

Yesterday, China Merchants Shekou Industrial Zone Holdings, a unit of state-owned China Merchants Group, announced a strategic partnership with Guangzhou R&F Properties to promote real estate projects, without revealing the amount involved.

Editors: Dou Shicong, Peter Thomas