jan 28 reuters  chinese property developer shimao group 0813hk said on friday it would sell a hotel in shanghai to stateowned shanghai land group for 45 billion yuan 70783 million as it seeks to reduce its debt amid a crisis in the countrys property sector the deal is part of the chinese governments push to buy assets from cashstrapped private developers as beijing steps up efforts to stabilise and tighten control over a beleaguered sector that accounts for a quarter of its economy shimao which defaulted on a trust loan earlier this month said it will sell an entity whose principal asset is the hyatt on the bund hotel to the shanghai land group the developer in 2022 has 17 billion maturities offshore and 89 billion yuan onshore according to moodys the move comes on the same day agile group 3383hk another embattled chinese property firm sold stakes in several units worth nearly 2 billion yuan to stateowned china overseas land  investment 0688hk and china conch venture 0586hk regulatory curbs on borrowing have driven chinas property firms into a debt crisis with sector bellwether china evergrande 3333hk grappling with 300 billion in liabilities reporting by arundhati dutta in bengaluru editing by ramakrishnan m