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Defaulted property developer CIFI Holdings has for the third time in two months unveiled a loss-making asset disposal plan as it looks to fund operations and alleviate liquidity pressure.

China Aoyuan is the latest among debt-stricken home builders to win forbearance from offshore creditors and courts to cure their defaulted debts as China’s property market struggles to overturn a multi-year slump.

A Hong Kong luxury home previously belonging to the CEO of Kaisa Group sold for HK$300 million (US$38.2 million), nearly a fifth below the prevailing market rate.

Amid growing investor doubt over how much a reported plan to allow developers greater access to funds from presold homes will benefit distressed firms.