Troubled Chinese developers raise cash with sales to state peers

Also-ran in 2009 bidding for high-profile Asian Games project now takes control

20220124 Guangzhou Asian Games City

Guangzhou Asian Games City, seen in June 2010, is still under development.  © Getty Images

KENJI KAWASE, Nikkei Asia chief business news correspondent

HONG KONG -- Embattled private Chinese property developers hustling to raise funds to pay creditors are starting to get help from state-owned rivals now wielding the upper hand.

The new dynamic came into play on Tuesday with Guangzhou Asian Games City, a showcase mixed-use development still partly under construction at the site of the 2010 regional event.

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