China Vanke, one of the world’s largest real estate companies, has sold a 48 percent stake in the 340,000-square-metre Shanghai Nanxiang InCity Mega Mall, its largest commercial project, to its partner GIC, Singapore’s sovereign wealth fund, according to multiple news sources. Financial terms were not disclosed.

Mingtiandi reported China Vanke is selling off assets to ease 322 billion yuan (US$44 billion) of debt, amid estimates it will record an attributable net loss of 7 billion yuan to 9 billion yuan (US$963 million to US$1.2 billion) for the first six months of the year.

“During the reporting period, the company has formulated a ‘package of plans’ for business reformation and risks mitigation, insists on slimming down, reducing and resolving risks, and achieved positive progress,” said China Vanke in a filing. “The company deeply apologises for the performance loss.”

According to Mingtiandi, China Vanke now retains a mere 2