HONG KONG (Reuters] – The shares of the cash-strapped Shimao Group surged Monday, after the Chinese developer and chairman of the company sold a Shanghai hotel, and a stake at a Hong Kong development for a combined total of $836m. This was in part of their recent efforts to raise money.

After Shimao had put up assets of 77 billion won ($12.11 trillion) and was looking to raise money to repay its debts. Shimao sold off two assets that it owned for three billion yuan in two weeks.

Shanghai-based developer Hyatt On The Bund was sold to Shanghai Land (Group) Co late Friday night for 4.5 billion Yuan.

Hui Wing Ma, the chairman of it, sold his 40% interest in a Hong Kong luxury residential project to investors CSI Properties (HK$1.25 billion) and C C Land Holdings (HK$134.68 million), separate statements by buyers were made late Friday.

Analysts said that Chinese state-owned property companies are likely to purchase more assets from private developers in need of liquidity. This is as Beijing intensifies its efforts to stabilize and control a sector which has been hit by a quarter-million jobs.

Cailianshe, a financial media outlet reported that a Shandong-based state-owned real estate company specializing in healthcare has been selected to become China Aoyuan Group’s controlling shareholder.

Shimao shares gained 4.8% while Aoyuan saw a 6.8% increase. The Mainland Properties Index increased 2.2%.

($1 = 6.3605 )

($1 = 7.7962 Hong Kong dollars)