(Bloomberg) -- China Vanke Co. plans to sell an unfinished property project once designated as its new headquarters, the developer’s latest effort to divest assets and boost liquidity. 

The commercial real estate project in Shenzhen, which spans an area of almost three soccer fields, will go on sale on May 18, according to a land auction statement published Wednesday on a government-backed newspaper in the city. It will seek bids at a starting price of 2.2 billion yuan ($305 million). That’s less than the 3.1 billion yuan Vanke paid for the plot in 2017. 

State-backed Vanke has become the latest flashpoint in the nation’s property crisis, underscoring the severity of the sector’s challenges. Once China’s largest developer, it has joined a list of major companies including Country Garden Holdings Co. in a fight for survival. 

The company will exit non-core operations and adjust its model for raising money, Bloomberg reported last week, citing a memo from a shareholder meeting. Vanke said in March that it aimed to reduce interest-bearing debt by more than half in five years. It is also preparing a 130 billion yuan asset package to use as collateral as it seeks new bank loans, people familiar with the matter said in April. 

The land parcel, in a rising business zone in the city’s west, includes plans for a 359 meter (1,177 foot) skyscraper, offices, shopping malls and hotels. Vanke had targeted the project for its latest base. Construction is now stalled, according to the land auction statement. 

The sale may help Vanke’s near-term funding needs, Bloomberg Intelligence analysts led by Daniel Fan wrote in a note after the Securities Times reported the plans. 

Vanke has a $600 million bond maturing on June 7, which is trading at about 97 cents on the dollar, Bloomberg-compiled data show. The company told some investors recently that it has readied cash to repay a 1.45 billion yuan note due May 25, people familiar said earlier this week.  

Its longer-duration dollar bonds maturing in 2028 and 2029 are trading below 60 cents on the dollar, a territory usually considered distressed.

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