Centro Properties Group says its efforts to raise new equity to help recapitalise the company are unlikely to be implemented by the end of the year, as planned.

The shopping centre owner had received a number of proposals for new equity, but none was in the best interests of its stakeholders.

''The group believes that, in particular given current difficult capital market conditions, an acceptable proposal capable of being implemented by 15December 2008 is unlikely to be forthcoming,'' it said.

Centro Properties has been selling assets in a bid to reduce debt and renew investor confidence in the company after it ran into problems difficulty earlier this year when it tried and failed to refinance debt.

But assets sales alone won't be enough to put it back on a firm footing, it said yesterday.

The company is continuing talks with a number of potential buyers of certain assets from its Centro Australia Wholesale fund.

In the US, it has already closed asset sales of $US195million ($A226million) and entered into a conditional contract for the sale of the Centro American fund portfolio for $A830million.

Centro said given that its plan to raise new equity was unlikely to succeed in the short term, it would look to obtain debt extensions from its lender group. ''In the absence of a recapitalisation solution in the short term, the group's objective therefore is to obtain longer-term debt extensions ... to provide a more stabilised environment for the recapitalisation process to be pursued over a longer time frame,'' it said.

Centro securities fell 2c, or 9.1per cent, to 20c yesterday.

Centro reports its annual results on Friday. AAP