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Bond Market News
Shimao Seeks Buyers for Projects Valued Over $12bn
February 15, 2022
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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