Shimao Group 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, for HK$2.7 billion (approximately US$344 million). The buyer in this transaction is Oceanfront Hong Kong, a subsidiary of Malaysian property developer ParkCity Group. Despite the sale, the deal leaves a secured loan shortfall of approximately HK$1.8 billion, and the HK$2.7 billion sale price represents a 40% discount from the original HK$4.5 billion syndicated loan facility. This transaction reveals how the debt crisis among mainland Chinese developers is reshaping Hong Kong's restructuring industry.