Chinese property developer Shimao Group Holdings reported a grim sale result for the first five months of this year though the cash-strapped builder tried to accelerate its asset disposals.

Shimao Group sent a filing to the Hong Kong Stock Exchange on June 10.

Accordingly, the group’s contracted sold area amounted to 377,605 square meters in May.

With the average selling price at about 2,400 dollars per square meter, its contracted sales amounted to approximately 910 million dollars in the month.

Shimao Group reported the aggregated contracted sold area of 2,11 million square meters for the January-May period.

According to Mingpao, this total sales area represents a decrease of 69.21% from a year earlier.

The group’s aggregated contracted sales for the five months amounted to approximately 5.12 billion dollars, a sharp fall of 71.87% year-on-year.

Shimao saw its average selling price for the five months of 16,200 per square meter, down 8.63% year-on-year.

Shimao’s plunging property sales reflects ongoing troubles in China’s massive real estate sector, though the group has been trying to put on sale all of its real estate projects in the first months of 2022.

Reuters citing a Caixin report revealed that, since late December 2021, Shimao has asked agents to help seek buyers for its properties, both residential and commercial properties.

The group reached a preliminary deal with a Chinese state-owned company to sell its Shimao International Plaza Shanghai for about 1.5 million dollars.

A report from Asia Nikkei in May said that Shimao had sought peer buyers for 12 billion dollars of assets, but only 3 of 34 assets listed have been sold since January.

Shimao has been once considered one of China’s healthiest property developers. The luxury builder fell into trouble after Chinese regulators tightened the grip on the sector in order to curb their debt. 

The group reported default in early January this year. 

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