Hong Kong-listed SOHO China has decided sell 32,000 square meters of properties in Beijing and Shanghai at a deep discount of 30 percent, according to the property developer's chairman.

Proceeds from the sale will be used to reduce debt, and there will be no dividends paid, announced Pan Shiyi, chairman of SOHO China on Thursday during an online pitch meeting.

The nine projects in Beijing and Shanghai's prime locations will be sold to optimize the company's asset structure and ease capital pressure, according to SOHO China.

Shares of SOHO China soared 8.97 percent to close at HK$1.58 apiece on the news in Hong Kong on Thursday. 

wang_ying@chinadaily.com.cn