China Vanke Co., Ltd. (SZSE:000002) is seeking to sell its entire stake in logistics firm GLP Pte. Ltd., according to people familiar with the matter, as the state-backed developer seeks to amass cash to stave off a debt crisis. Vanke had held discussions with parties including state-owned investment company Guang dong Holdings Limited and a Tianjin-based state-owned firm to exit its investment, said the people, who asked not to be identified because the matter is private.

No agreement has been reached, the people added.