(Bloomberg) -- China Vanke Co. sold an unfinished property project once designated as its new headquarters to buyers including a major shareholder, the developer’s latest effort to divest assets and boost liquidity. 

Vanke sold the commercial real estate project in Shenzhen, which spans an area of almost three soccer fields, for 2.24 billion yuan ($309 million), according to an auction result posted Monday at a government-backed land trading center. That’s less than the 3.1 billion yuan it paid for the plot in 2017. 

The joint buyers include state-owned Shenzhen Metro, Vanke’s largest shareholder, according to a company statement sent to Bloomberg. They purchased the plot at the starting price. The deal will help Vanke reduce the use of funds in non-core assets, it added. 

Read more: China Banks Throw Support Behind Teetering Developer Vanke 

State-backed Vanke has become the latest flashpoint in the nation’s property crisis. Still, the company has raised almost $4 billion in bank loans in recent weeks, and government efforts to support the housing market have also improved its prospects. 

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