Troubled Chinese developer Shimao Group plans to sell its hotel property located near Hong Kong’s airport, as per sales agent JLL. The asking price is quoted at HKD 6.5bn ($828mn) as per Reuters as the defaulted developer tries to sell its assets amid its debt restructuring. Shimao had initially bought the land along with Mingfa Group for $233mn in 2014. It is reported that the selling process will involve two or three rounds of bidding, with the deadline for expressing interest in mid-May. The property carries both Sheraton and Four Points by Sheraton. The sale will also include T-Bay, a newly built community hub with a set of restaurants, bars, and shops, at the north end of Tung Chung.
Shimao’s dollar bonds were trading flat at ~15 cents on the dollar.
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