Shimao Group sells two Hong Kong hotels for HK$2.7 billion amid debt crisis
Receivers sold two Shimao Group hotels in Hong Kong for HK$2.7 billion to address secured loan shortfalls.
Sale price covers part of debt
The transaction leaves an estimated HK$1.8 billion shortfall against the properties secured loans. Receivers managed to extract higher bids during the final stages of the process.
Bidders improved offers at end
All shortlisted parties improved their offers as the sale concluded. Una Ge, a managing director at AlixPartners, oversaw the sale as a joint receiver.
Crisis reshapes restructuring industry
The deal shows how mainland China property downturn affects Hong Kong restructuring. Larger debt burdens and cross-border contagion risks now define creditor syndicates.
Reported by one outlet
Only one outlet has published this. Nothing here has been checked against a second report, so read it as that outlet's account and follow the link below for the original.
Reported by
1 independent outlet. Headline as published. Links open the original report.