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Bond Market News
Shimao to Sell it HK Hotel Property Land for $828mn
March 28, 2023
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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