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27.10.26 - 00:00
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How Shimao′s sale of 2 hotels reveals the growing complexity of Hong Kong debt workouts (SCMP)
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The HK$2.7 billion (US$344 million) sale of two Shimao Group hotels in Hong Kong leaves an estimated HK$1.8 billion shortfall against their secured loans.
Still, receivers managed to squeeze out improved bids in the final stages, with all shortlisted parties improving their offers, said Una Ge, a managing director at AlixPartners who oversaw the sale as a joint receiver.
The deal offers a glimpse into how mainland China's developer debt crisis is reshaping Hong Kong's restructuring industry,......
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