Chinese property developer Shanghai Forte Land plans to sell homes worth 5.5bn yuan (HK$6.24 billion) this year and raise 1.9bn yuan from a proposed bond sale to cut debt and bolster its capital base.

With a land bank of 6.85m square metres in 11 cities, including Shanghai, Beijing, Wuhan, Hangzhou and Changchun, the firm is aiming for contract sales of 625,000 sq metres this year. That is about 75% more than the 356,000 sq metres sold last year.

Chief executive Fan Wei said the firm would release more new projects for pre-sale, as property sales had rebounded recently in some cities after the authorities launched support measures including lower mortgage rates and a reduction in transaction costs.

South China Morning Post