why tfa selling spv to fwl?

Why? One possible reason is....

http://www.bloomberg.com/news/2014-05-06/china-property-slump-adds-danger-to-local-finances.html

"The value of land sales in third-tier cities declined 27 percent last month, according to SouFun Holdings Ltd., the nation’s biggest real-estate website owner."

27% decline in a month.

"Failure to find other revenue sources increases the risk of defaults and financial turmoil that curb economic expansion already projected this year at the slowest pace since 1990".