(Reuters) – Chinese real estate company Shimao Group Holdings said on Monday it would sell a 26.67% stake in the joint venture Guangzhou Lihe Property Development for 1,844.5 million yuan ($291.48 million) in order to reduce its debt.
($1 = 6.3280 Chinese yuan renminbi)
(Reporting by Tejaswi Marthi; Editing by Krishna Chandra Eluri)
