LONDON, Jan 31 (Reuters) - Embattled Chinese property developer Country Garden has put its 450 million pound ($570 million) residential development in East London up for sale, as it presses ahead with asset disposals after a cash crunch.
Property agent Knight Frank said it had been appointed by Risland UK - a susbidiary of Country Garden - to market the 1,000-home Calico Wharf development site, where construction has yet to start, in the Poplar area of the city.
Country Garden, the largest private property developer in China, is among a string of developers reeling from a Chinese property crunch that began in mid-2021 after authorities sought to rein in excessive debt levels.
It defaulted on $11 billion worth of offshore bonds in October and has also extended repayments for its onshore notes.
The UK project has planning approval for several buildings, including a tower of up to 23 storeys, and would include commercial space as well as homes, Knight Frank said in a statement.
Other recent moves by Country Garden include putting properties in the Chinese city Guangzhou up for sale with the aim of raising 3.8 billion yuan ($530 million), as well as agreeing to sell a stake in an Australian.
($1 = 0.7894 pounds) ($1 = 7.1766 yuan) (Reporting by Iain Withers, Editing by Louise Heavens)
