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Shimao Group Sells Two Hong Kong Hotels for $344 Million to Repay Partial Loans
Heavily indebted mainland Chinese developer Shimao Group announced on Thursday that it has sold two of its hotels in Hong Kong—the Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton Hong Kong, Tung Chung—to Oceanfront Hong Kong Limited for HK$2.7 billion (approximately US$344 million). The net proceeds from the sale will be used to repay part of the group's loans obtained in 2020, with the aim of reducing overall debt and strengthening its financial position.
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