HONG KONG: Shimao Property said on Monday (Jul 3) it may include its hotel in Hong Kong as a sweetener in its offshore debt restructuring, instead of selling the property. Shimao, the first major Chinese developer to kick off formal negotiations on restructuring terms with creditors, had initially proposed
HONG KONG: Shimao Property said on Monday it may include its hotel in Hong Kong as a sweetener in its offshore debt restructuring, instead of selling the property.
The Shanghai-based developer, which defaulted on its first offshore payment last July, had been seeking to sell the Sheraton & Four Points by Sheraton Tung Chung Hotel, located close to the international airport, since March to fetch at least US$828 million, according to its sales agent JLL.
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