Shimao Seeks Buyers for Projects Valued Over $12bn

Shimao Group is seeking buyers for about 40 projects to bulk up on its liquidity position including hotels, shopping malls and serviced apartments estimated at around RMB 77.1bn ($12.1bn), as per the Post. As per sources, Shimao approached potential buyers including state-owned peers and financial firms but received a tepid response. Shimao did not comment on the matter explicitly, but noted that an RMB 2.25bn ($350mn) valuation of its quarry hotel, aka, InterContinental Shanghai Wonderland, was incorrect. Shimao has about RMB 20bn ($3.1bn) in onshore and offshore bond repayments due this year, besides other debts like trust financing and ABS of which RMB 5.6bn ($880mn) is due this year.

Shimao’s dollar bonds were slightly lower with its 4.6% 2030s down 1.6 points to 41.63 cents on the dollar.

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