How HSBC tries to avoid bailout from the government

HSBC Holdings has announced it was considering selling some of its key properties with the aim of raising cash and avoiding taking a bailout from the U.K. government. The Sunday Times says, the total sales could reach 2.7 billion pounds ($3.96 billion).

One of the properties under discussion is the 45-story tower, also known as Canada Square. HSBC plans to sell its Fifth Avenue skyscraper in New York and its Paris offices on the Champs Elysees, as well. 

The London Telegraph reported that property agency CB Richard Ellis has been appointed to head the sale process, and chartered surveyors Jones Lang LaSalle will be performing a supporting role.

There are also forecasts that HSBC will most likely seek to lease the same premises, as the company does not plan to move out of the buildings. 

HSBC had already raised 12.5 billion pounds in Britain's largest-ever rights offer earlier this month. 

According to the figures released over the weekend, the market price of HSBC's traded-debt securities as of the end of December were $18.7 billion below the value at which they were held on the bank's books.