(Yicai) Oct. 19 -- The cattle rank in Western Australia that the chairman of Shimao Group Holdings has reportedly put on the market has nothing to do with the Chinese property developer or its listed units, according to a source.

The ranch is Xu Rongmao’s personal property and is controlled by his family, the person told Yicai. Xu is likely seeking to raise funds through the sale, the source added, though the exact purpose is still unknown.

The Kimberly Cattle Portfolio is on the market for AUD250 million (USD157.5 million), the Financial Review reported on Oct. 15. It includes more than 2.9 million hectares of land, about the size of Belgium, and an agistment agreement for 153,475 ha in the east of the Kimberley region.

Xu, who is also the founder and major shareholder of Shanghai-based Shimao, was earlier reported to have agreed to sell his 40 percent stake in a luxury project in Hong Kong’s Deep Water Bay for HKD40.5 billion (USD5.2 billion).

The controllers of many cash-strapped Chinese developers have been selling their personal assets, and industry insiders speculate that the liquidations are a way for them to give their businesses a financial lift. Lin Zhong, chairman of Cifi Holdings Group, put his luxury house in Hong Kong up for sale, and Country Garden founder Yang Guoqiang parted with his private jet

From early 2021, more than 30 developers, including high-quality builders such as Country Garden, defaulted on or sought to extend their debt repayments, according to incomplete statistics.

Editors: Shi Yi, Futura Costaglione